Jul 30, 2010 Comments Off
Mar 19, 2010 Comments Off
According to new research conducted by Santander Current Accounts, 24 percent of respondents have switched insurance providers during the last year, 21 percent have switched gas, water or electricity suppliers, and 12 percent have switched mobile phone providers.
However, it was found that 70 percent have not switched current account providers in the last ten years, thereby potentially missing out on better deals. Furthermore, the research uncovered that 74 percent are not planning to review their current accounts in the near future.
Head of Current Accounts at Santander, Helen Bierton, commented: “In this day and age it is important to look around for the best deal, to make your money stretch as far as it can.
“One way of making your money stretch further, which many people either ignore or are not aware of, is to switch your current account. Whereas many people see how much they can save by switching their insurance for example, people don’t see the benefits of switching current account. However, by switching current accounts you can start earning a great rate of interest which can earn you up to up to £125 in the first year”.
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Homeowners who are currently reviewing their finances – including any existing borrowing such as credit cards – could consider placing outstanding credit into one place with a secured loan. One of many finance options available, a secured loan for consolidation could allow borrowers to replace multiple, monthly repayments with just one. This single monthly repayment could even be lower than current outgoings, leaving borrowers with extra money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 17, 2010 Comments Off
According to new research released by the Department for Business, Innovation and Skills, UK consumers each lose an average sum of £4,950 during their lifetime as a result of faulty goods that they have not returned.
It has been revealed that 48 percent of shoppers surveyed possess at least one faulty item that they wish they had taken back to be exchanged or refunded. Furthermore, 32 percent were found to own up to five faulty items. In relation to the gender divide, findings show that men are losing more money than women at £89 and £71 per year respectively.
A major reason behind a failure to return faulty items is thought to be fear, with 36 percent reportedly feeling nervous when it comes to taking an unwanted item back. It was also discovered that 40 percent feel embarrassed or intimidated.
Kevin Brennan, Consumer Minister, commented: “We want to do all we can to encourage people not to lose out financially because they don’t know their rights.
“Now is the time to brush up on your consumer rights so you can return any faulty or unwanted goods with added confidence.”
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Homeowners who are looking to re-organise their finances could consider tying up any existing debts, such as credit cards and store cards, into one manageable monthly repayment. In addition to eliminating the juggling act, the single monthly repayment could even be lower than the sum of current outgoings. One of many finance options available, a secured loan for consolidation could therefore leave borrowers with more money each month, which could potentially be set aside for future use. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 14, 2010 Comments Off
Since the introduction of contactless payment technology in 2007, all Barclaycard VISA debit cards are now reportedly issued or re-issued with this technology incorporated as standard. In fact, it has been revealed that more than two million contactless-enabled Barclays VISA debit cards and four million credit cards have been issued. Furthermore, according to Barclays, the existing £10 limit for contactless credit or debt card transactions in the UK has been increased to £15.
Head of Debit Cards for Barclays, Brian Cunnington, commented: “Contactless technology is undoubtedly the future of payments and we are seeing it grow hugely in popularity. More than two years after the first customers were issued with contactless cards it is the right time for the industry limit to increase to £15, in line with demand from consumers and retailers alike. The new higher limit gives customers the flexibility of paying for even more transactions quickly, securely and conveniently via a contactless card payment and will lead to more retailers implementing the technology.”
Contactless payment technology allows customers to make purchases up to the value of £15 by holding their card over a special reader. There is no requirement to insert the card into a terminal or to enter a personal identification number. Debt or credit card transactions are then processed in the same way as standard transactions, which are also possible.
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Homeowners who are juggling multiple credit card bills each month could consider taking out a secured loan to tie these existing debts up into one management monthly repayment. One of many finance options available, a secured loan for consolidation could leave borrowers with just one monthly repayment that could potentially be lower than existing outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 13, 2010 Comments Off
As many householders gear up for their annual spring clean, moneysupermarket.com is reminding people to ‘tidy up their finances as well as their homes’. It would seem that by switching to the best deals on financial products, a saving of £3,469 could be made over the course of the next 12 months.
Site editor at moneysupermarket.com, Clare Francis, commented: “After months in the cold and dark, spring is just round the corner and what better time to take charge of the family’s finances by checking to see that you’re making the most of your financial products. There are some really easy savings to be made, just by spending half an hour reviewing where you’re at financially. It’s easy to be complacent but some rates on products change quite regularly so literally, it really does pay to be vigilant.”
When it comes to mortgages, the comparison site has identified that many standard variable rates have increased whilst rates for new borrowers have fallen. Furthermore, mortgage availability and loan to value ratios have reportedly risen. With the Base Rate currently at its lowest level, it has been suggested that longer term fixed rate mortgages could be considered. Additionally, homeowners with a significant level of savings could also consider an offset mortgage as a means of maximising capital according to moneysupermarket.com.
With regard to credit cards, it was recently found that one in five people carry over three credit cards, with 17 percent of credit card holders making at least one daily purchase on plastic. The research also uncovered that some ‘savvy’ consumers aim to get the most from their credit cards. For example, 25 percent reportedly utilise their credit card to gain reward points whilst 11 percent do so for cashback and zero percent purchases. However, moneysupermarket.com has pointed out that many consumers are yet to take complete advantage of credit card benefits.
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Homeowners who would like to spring clean their finances could consider taking out a secured loan to tie up any existing debts, such as credit cards. One of many finance options available, a secured loan for consolidation could allow borrowers to eliminate multiple monthly debt repayments – replacing them all with just one. This single, manageable monthly repayment could even be lower than the sum of current outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 7, 2010 Comments Off
According to Moneynet.co.uk, the average authorised overdraft interest rate has risen from 13.85 percent in February 2008 to 15.32 percent in February of this year.
It has been reported that somebody who became overdrawn by £1,000 in February 2008, for six months of the year, would have been faced with interest charges of £69.25. In contrast, a person in the same situation today would be looking at interest charges to the value of £76.63 – an increase in excess of 10 percent.
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Homeowners who have built up multiple credit including overdrafts, credit cards and store cards, could consider consolidating it with a secured loan. One of many finance options available, a secured loan for consolidation could leave borrowers with a single monthly repayment as opposed to juggling several. By tying up existing credit, such as credit cards, into one place, borrowers could even be left with more money each month as a result of lower monthly outgoings. However, if opting for a secured loan to consolidate existing credit, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Mar 5, 2010 Comments Off
According to the Finance & Leasing Association, consumers spent 17 percent more on instalment credit during the lead up to Christmas compared to the same period a year before. It is believed that a proportion of this increase was related to the rate of VAT returning to 17.5 percent, which reportedly prompted people to make money-saving purchases beforehand.
Compared to 2008, it has been revealed that the sum of new consumer lending provided by members of the FLA fell by 15 percent in 2009. However, an analysis of the actual products has shown that credit card, store card and store instalment credit spending have ‘held up, relative to longer-term credit products’. It was found that consumers are making smaller purchases on instalment credit, such as white goods and home electronics, which typically cost up to £700.
Fiona Hoyle, the FLA’s Head of Consumer Finance, said: “Our figures tell a wider story of the recession. Overall, new consumer lending is down by 15%. But the breakdown between different credit products tells us that customers are looking at the financial products available to them, and using credit products to meet specific needs.
“The High Street has benefited from FLA members providing credit to customers, whether through credit cards, store cards or store instalment credit. Customers are using these products because they are flexible and allow consumers to spread payments for essential goods and keep them at levels that are within their budgets.
“The same principle applies to store cards. But store cards are endangered by current proposals from the Conservatives, which would gold-plate new EU regulations and remove this convenient option for customers. We hope the Conservatives will think again.”
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Homeowners who find themselves with multiple credit card or store card repayments each month could consider taking out a secured loan to tie these commitments up into one manageable monthly repayment. One of many finance options available, a secured loan for consolidation could leave borrowers with just one monthly repayment as opposed to juggling several. Furthermore, this single monthly repayment could even be lower than the sum of current outgoings. However, if opting for a secured loan to consolidate existing credit, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Feb 27, 2010 Comments Off
According to research conducted by moneysupermarket.com, one in five Brits carries in excess of three credit cards.Furthermore, the price comparison website’s research uncovered that 17 percent of credit card holders utilise their credit card at least once a day, whilst 28 percent utilise their card at least once a week.
In relation to the types of purchases made, it was found that 56 percent of credit card holders utilise them to buy goods online, whilst 40 percent utilise them to finance everyday expenses. Nevertheless, moneysupermarket.com discovered that consumers are ‘savvy’ with regard to ‘making their plastic work hard for them’. The research showed that 25 percent make use of their credit cards in order to gain reward points, and 11 percent do so for cashback and zero percent purchases.
Findings show that 26 percent of men have a minimum of three credit cards, compared to just 16 percent of women. In fact, a third of women reportedly do not possess a single credit card, whereas this is the case for a quarter of men. What’s more, just 49 percent of female credit card holders reportedly utilise their credit cards more than once a month, whilst 49 percent of male credit card holders make such purchases on a weekly basis.
It would seem that those over the age of 70 are likely to possess the greatest number of credit cards, with 27 percent possessing more than two cards compared to the national average of 20 percent. However, amongst this group, it was found that one in four make credit card purchases everyday compared to 31 percent of those under the age of 20.
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Homeowners who are faced with several credit card bills each month could consider taking out a secured loan to tie these commitments up into one manageable monthly repayment. One of many finance options, a secured loan for debt consolidation could eliminate the need to juggle multiple, confusing credit card bills – whilst potentially leaving borrowers with more money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Feb 26, 2010 Comments Off
According to research by Santander Cards, unnecessary foreign exchange fees to the value of £122 million were incurred by Brits who used their credit cards abroad last year. It was found that this significant sum was generated following £1.5 billion worth of overseas credit card payments – equivalent to £600 per traveller.
Santander points out that virtually all available credit cards are subject to a foreign exchange fee in the region of 2.75 percent on overseas purchases. However, this fee is reportedly ‘entirely avoidable’.
The research showed that 25 million Brits ventured overseas last year, with their average time spent abroad being three weeks of the year. Furthermore, it was discovered that in excess of 7.5 million travellers – equivalent to 30 percent – spent a minimum of four weeks abroad in 2009.
In terms of methods of payment whilst abroad last year, the research showed that practically five million people primarily relied upon credit cards for making overseas purchases. For eight million travellers, credit cards were reportedly their secondary means of payment.
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Homeowners who are currently juggling multiple credit card repayments each month could consider taking out a secured loan to tie these up into one place. One of many finance options available, a secured loan for consolidation could allow a borrower to eliminate confusing, expensive credit card repayments by replacing them with a single monthly repayment. This new monthly repayment could even be lower than the sum of current outgoings thus leaving the borrower with more money each month – which could potentially be set aside for that next holiday. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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Feb 25, 2010 Comments Off
Moneysupermarket.com is advising travellers to ensure that they have a competitive deal on foreign currency. It is believed that a competitive deal can make a significant difference to holiday spending – particularly whilst the pound is weak. Therefore, travellers are being urged to carry the right card with them whilst abroad.
Furthermore, the price comparison site has recommended avoiding the bureau de change at the airport. Instead, it is reportedly possible to make a £68 saving by utilising a leading debit card for cash withdrawals whilst holidaying in Europe. However, it has been pointed out that although paying for purchases via credit or debit card may be convenient and cost efficient whilst abroad, different providers charge users in varying ways. Furthermore, using an inappropriate product could result in mounting costs.
According to Moneysupermarket.com, prepaid cards are becoming increasingly popular amongst travellers. Prepaid cards can be topped up with currency prior to venturing overseas and can be used as per debit or credit cards, which can be particularly useful for those wanting to stick to a budget whilst away. It is thought that the majority of prepaid cards offer an ‘excellent rate of exchange’ though they will vary, with some being better than others. Therefore, consumers are urged to shop around to be sure of the best deal.
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Homeowners who are looking to re-organise their finances – perhaps as a result of accumulating several credit cards in the past – could consider taking out a secured loan. One of many finance options available, a secured loan for debt consolidation could allow borrowers to tie their existing debts up into one management monthly repayment. Furthermore, this single monthly repayment could even be lower than the sum of current outgoings. However, when taking out a secured loan for debt consolidation, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
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