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According to Caxton FX, credit card interest rates are at their highest level for twelve years.  Therefore, the foreign exchange company is highlighting the importance of planning that Easter holiday money.

It has been revealed that despite the Bank of England rate being the lowest it has ever been at 0.5 percent, the recent recession saw a rise in defaults – a cost that credit providers are factoring into their APRs.  It would seem that even existing credit customers who pay the minimum each month, whilst never exceeding their credit limits or missing a payment, are being affected.

Findings from a recent survey showed that last year one in five Brits utilised a credit card whilst abroad, with the approximate spend per traveller coming in at £600.  Caxton FX views these figures as ‘worrying’ due to increasing interest rates combined with fees for overseas credit card use.  It is believed that Easter holidaymakers could ‘be stung for thousands’.

The majority of cards reportedly levy a fee in the region of 2.75% on the foreign exchange mark-up, in addition to charging commission.  Furthermore, foreign ATM withdrawal fees are thought to be widespread.

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Homeowners who are currently juggling several credit card bills each month could consider tying these debts up into one place with a secured loan.  One of many finance options available, a secured loan for debt consolidation could leave borrowers with just one monthly repayment.  What’s more, this single 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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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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Research conducted by Clydesdale Bank has revealed that couples could have expected to spend a substantial sum of £550 on Valentine’s Day, which equates to £4.9 billion.

In relation to the gender divide, it was estimated that women would spend £338 on Valentine’s Day – a third more than men.  Despite the fact that it is traditionally the man in the relationship who ‘picks up the bill for dinner, wine and flowers’,on average women spend £100 more in order to ensure a successful ‘seductive evening’.  The research has shown that the most significant proportion of a woman’s outlay is spent on their appearance, with £100 being shelled out for a new high street outfit.  In excess of £50 is also reportedly also spent on a ‘stylish cut and blow-dry’, whilst £130 is spent on beauty treatments such as tanning and manicures. In contrast, it was found that the average male will make purchases ranging from a ‘DVD and takeaway’ to an ‘extravagant evening of dining out at an exclusive restaurant’.

Retail Director at Clydesdale Bank, Steve Reid, commented: “On Valentine’s Day people not only like to treat their partner but themselves too.

“Our research looked at the different spending habits of men and women, expecting to see men bare the largest cost.  But while men go for the gestures like, flowers and dinner, women splash out much more in ensuring they look and feel their best for their partner.”

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Homeowners who have relied on credit to fund purchases, and who would like to consolidate their existing credit could consider completely re-organising their finances with a secured loan.  One of many finance options available, a secured loan for debt consolidation could allow borrowers to tie up any existing debts into one place.  In taking this approach, monthly outgoings could be reduced – thereby freeing up useful money each month, which could potentially be set aside in a savings account.  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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According to research conducted by Santander, the typical British traveller significantly relies upon cash to pay their way whilst overseas – irrespective of whether trips are for business or pleasure.

Findings have shown that 51 percent of Britons ventured abroad last year, with 52 percent utilising cash to fund most of their purchases.  Credit cards were found to be the second most popular means of payment at 20 percent, followed by debit cards at 15 percent.  Just 5 percent of Brits reportedly use traveller’s cheques, which is the same percentage with foreign currency accounts.

The research also uncovered that the average sum of money spent by each person overseas is £207 per week, and 47 percent of British travellers withdraw three quarters of this sum (£147) from ATMs.

Santander has pointed out that making cash withdrawals from overseas ATMs typically involves paying a 1.5 percent (minimum of £1.99) cash handling fee and a 2.75 percent foreign exchange fee.  Therefore, a Briton who makes a single foreign currency withdrawal of £147 could incur a cost of £6.25 – rising to as much as £8.02 across two separate transactions.  It has been calculated that a family of four would spend £1,656 during a fortnight’s holiday, which could cost them as much as £73.64 in charges.

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Homeowners who are in the process of reviewing their finances – perhaps following a holiday aboard – could consider taking out a secured loan to consolidate any existing debts.  One of many finance options available, a secured loan for debt consolidation could allow borrowers to tie up all their personal debts into one manageable monthly repayment.  Not only would this eliminate the need to juggle several debt repayments each month, but it could also leave 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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According to research conducted by moneysupermarket.com, the traditional New Year’s resolution of shedding a few pounds at the gym may not be applicable to 2010.In fact it was found that one in ten Brits admit to being ‘no-shows’ at the gym and are therefore planning to cancel their membership to make savings.

Furthermore, the research showed that 46 percent of respondents feel that the gym is an ‘unnecessary cost’ as they will exercise in alternative ways.  In contrast, this figure reportedly stood at just one percent a year earlier.  Findings also highlight the fact that 5 percent of ‘gym-goers’ want to continue frequenting the gym but can not afford to keep up with membership costs.

Nevertheless, it was discovered that 5 percent are willing to shell out in order to lose some weight, despite never having been a gym member in the past.  This year, these individuals are considering joining the 29 percent of people who regularly work out.

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Homeowners who are cancelling gym membership to keep outgoings down, and who have several monthly repayments on credit cards, store cards and personal loans, could consider taking out a secured loan for debt consolidation. One of many options to consolidate existing debt, a secured loan for debt consolidation can wrap multiple debts into one and may also lower monthly outgoings. If opting for a secured loan for debt consolidation, it should be remembered that this may increase the amount of debt paid back overall and may extend the repayment periods of debts.

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According to credit action, the sum of personal debt in the UK stood at £1,459 billion at the end of November 2009, which represented a 0.7 percent increase across the preceding twelve months.

In relation to total lending in November 2009, findings show that this increased by £1.1 billion, whilst secured lending rose by £1.5 billion in the same month.  Furthermore, it has been revealed that total consumer credit lending to individuals stood at £227 billion at the end of November 2009, with the annual growth rate continuing to fall to minus 0.5 percent.

The report shows that the average household debt in the UK – not including mortgages – stands at £9,016.  When taking mortgages into account the figure increases to £57,888, with the average individual’s debt at £30,226.  This figure is equivalent to 133 percent of average earnings. 

At the end of November 2009, the average UK adult had reportedly borrowed £4,708 via credit cards, motor and finance deals, overdrafts and unsecured loans.

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Homeowners who have accumulated several debts in the past could consider taking out a secured loan to tie them up into one place.  One of many finance options available, a secured loan for debt consolidation could allow borrowers to replace multiple monthly repayments with just one manageable repayment each month.  Moreover, this single 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 period of your debts.

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As 2010 gets underway, Friends Provident is suggesting that the New Year is used as an opportunity to commence planning for that ideal retirement. It is believed that realistic goals, combined with viewing retirement as an ‘ongoing process rather than an event’, can assist in achieving the desired result.

Research commissioned by the long term savings provider has shown that the younger generation has started to adopt this way of thinking.  It was found that a range of savings options are being used for retirement purposes, with 57 percent of 21 to 29 year olds intending to use property and 43 percent preferring the flexible nature of an ISA.

Head of corporate pensions marketing at Friends Provident, Martin Palmer, commented: “It sounds obvious but taking simple steps to work out the sort of retirement you want, could be half the battle.  Only once you have done this can you start planning properly with your IFA how to best reach those goals.  For many people a ‘retirement career’ is an attractive way of keeping a moderate income in retirement, whereas for others the plan could be to move abroad – either way, careful advanced planning is required along with a dose of realism.  The first step for anyone should be to check whether their current savings are sufficient for the future.”

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Homeowners who are currently reviewing their finances could consider taking out a secured loan to tie up any existing debts.  One of many finance options available, a secured loan for debt consolidation could be used to reduce multiple monthly repayments down to just one.  This single monthly repayment could even be lower than the sum of current outgoings – thereby releasing useful money each month, which could potentially be set aside in a savings account for future use.  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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With Christmas just around the corner, moneysupermarket.com has offered ‘ten top tips’ for those who are looking to reduce spending over the festive season.

1.       Consumers should refrain from taking out store cards, despite incentives such as immediate discounts or money back, as interest rates are not likely to be competitive.

2.       Supermarket credit cards, which are linked to loyalty schemes, are competitive and can offer good value.

3.       If savings are not available and it is necessary to borrow the funds required, consumers could investigate credit cards with zero percent interest on purchases.  However, consumers should be sure that the sum borrowed is appropriate to their individual circumstances and that it can be repaid within the introductory period.

4.       By taking out a cashback credit card at the beginning of the year, consumers could save up for next Christmas with the money that is received from each purchase made with it.

5.       Before taking out a loan during the run up to Christmas, consumers should shop around for the best deal that is most suitable for their circumstances.

6.       Consumers should be aware of savings clubs that lock cash away throughout the year to provide shopping vouchers at Christmas.  When embarking upon such a scheme, consumers are forfeiting interest payments and could even be charged high prices for the goods that they purchase with their vouchers.

7.       Consumers should not make impulse purchases; instead they should do some online research to bag a bargain.

8.       The internet can also be used to find and download vouchers and discount codes, which could prove beneficial when Christmas shopping.

9.       Consumers should work out what they need to buy and what they can afford to buy, in order to set a budget.  Sticking to this budget should then remove the possibility of getting carried away and starting the New Year in the red.

10.   Individuals who are borrowing money to finance this Christmas should set up a regular savers account at the start of 2010 in preparation for next Christmas.

Head of banking at moneysupermarket.com, Kevin Mountford, commented: “Christmas can be a difficult time of year financially and the current economic climate is not making things any easier.  Although there are a few options to spread the financial load at Christmas, the ideal time to start preparing is January.  Preparation is the key to a hassle free festive season and savvy consumers with savings will be able to start the New Year without the burden of a Christmas – debt hanging over them.”

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Homeowners who have taken out several credit cards over the years, and now face an array of  repayments each month, could consider tying these up with a secured loan.  One of many finance options available, a secured loan for debt consolidation could leave the borrower with just one monthly repayment.  Furthermore, this single monthly repayment could even be lower than existing outgoings – thus freeing up extra money each month, which could potentially be entered into a savings account. 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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According to Confused.com, non-repayment was the reason behind one in five accounts being closed by providers in the UK.  It has also been revealed that the national average was exceeded by 13 percent in Yorkshire, where 35 percent of accounts were closed by providers as a consequence of non-repayment.

Closely following Yorkshire was the South East, where 33 percent of accounts were reportedly closed due to a failure to make repayments.  In contrast, the figure was found to be just 8 percent in North East and Anglia.
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Homeowners who have accumulated several credit cards over the years could consider tying these up in one place with a secured loan.  One of many finance options available, a secured loan for debt consolidation could allow the borrower to reduce the number of repayments they face each month to just one, as well as potentially reducing their 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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According to new research conducted by AXA, 24 percent of UK adults are hiding some form of debt from their partner or family.  This equates to 12.2 million people who are concealing debts such as overdrafts and credit cards.  On the basis that the average value of hidden debt is £4096.32, this indicates that there may be a total of £50.1 billion nationwide.

The research also revealed that the state of finances is third on the list of things that UK adults lie about.  Ranking more highly was the number of previous partners and the amount of money spent on an item of shopping.  It was found that 40 percent of people will tell their friends, family and partner lies regarding their finances.  At 44 percent, the research showed that those between 19 and 30 years of age are most likely to do so.  The same group is also reported to have the greatest level of concealed debt at 26 percent.  However, the greatest sum of concealed debt was discovered amid those between 36 and 40 years of age at £5883.80, and those between 46 and 50 years of age at £5880.47.

Further findings included that women are most inclined to tell lies surrounding shoes and shopping at 24 percent, and men are most inclined to lie about the amount of drink consumed at 24 percent.  An additional 22 percent are reportedly likely to lie about the condition of their health.

In relation to the reasons behind financial lies, the research showed that 31 percent are embarrassed by their debts, whilst 23 percent are fearful of how people would react.  For 21 percent, they are hiding their debts because they have spiralled out of control, and 14 percent did not realise the extent of their debts.

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Homeowners who have multiple credit cards, store cards and hire purchase agreements, could consider taking out a secured loan to re-organise their finances.  One of many finance options available, a secured loan for debt consolidation could lessen juggling multiple monthly repayments.  By tying them all up in one place, the borrower could be left with a single monthly repayment which could potentially be lower than current outgoings.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating debt may increase the amount paid back overall and will also extend the repayment period of debts.

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