Jul 30, 2010 Comments Off
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 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 4, 2010 Comments Off
A study conducted on behalf of F&C Investments, which involved questioning 3,000 Britons between 35 and 45 years of age, has revealed that over half ‘do not feel fully in control of their finances’. A further 36 were found to feel ‘a degree of control’ whilst 14 percent admitted that they ‘did not feel at all in control’.
With regard to the gender divide, the study uncovered that 61 percent of men felt in control of their finances, whereas this was the case for 43 percent of women. Furthermore, of the respondents with debts, a third were reportedly either ‘a little worried’ about their level of borrowing or were ‘finding it hard to keep up with repayments’
Findings also showed that virtually a third of those questioned have ‘enough rainy day cash on deposit to fund several months’ outgoings’. This was found to be the case for 40 percent of men and 27 percent of women; however 34 percent of women and a quarter of men do not possess any savings at all. In relation to investments, the study revealed that three quarters of women, and 58 percent of men, do not have any aside from cash on deposit and any pension arrangements.
When respondents were asked about their intentions for the coming year, 41 percent reportedly explained that they were not intending to increase their savings or investments. Nevertheless, the study showed that 35 percent of men and 26 percent of women would open a savings account or increase the amount that they save. Additionally, it was found that 17 percent of men and 3 percent of women would ‘put more in unit trusts / OEICs, investment trusts or shares’.
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Homeowners who are looking to re-organise their finances, particularly any existing credit, could consider taking out 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. What’s more, this single monthly repayment could even be lower than the sum of current outgoings – thus lowering monthly outgoings. However, if opting for a secured loan to consolidate 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 28, 2010 Comments Off
According to Moneyfacts.co.uk, growing competition within the credit card market at the end of the 1990s resulted in rates beginning to fall. In 2006, credit card rates reportedly reached their lowest average level of 14.8 percent. However, as the economic downturn set in, credit card rates started to steadily rise. In fact, it has been revealed that average credit card rates now stand at 18.8 percent, which marks the highest percentage for 12 years.
Spokesperson for Moneyfacts.co.uk, Michelle Slade, said:
“The UK continues to suffer from a high level of unemployment and providers are worried about the increased risk of customers not repaying their debts.
“This increased risk continues to be passed on to both new and existing credit card customers through higher rates.
“Borrowers with £5,000 debt on the card, who just repay the minimum each month, will now repay an additional £2,289 over the life of the debt than they would have in February 2006.
“Other charges such as balance transfer, cash withdrawal and foreign transfer fees also continue to go up, leaving customers paying more across the board.
“Card companies are reassessing their existing customer base, resulting in numerous customers seeing a rise in their rate.
“Many such customers who would previously have switched to another provider are now finding it’s not so easy to do so.
“Competitive deals for balance transfers and introductory purchases remain on offer, but card providers are being extremely selective over exactly who they accept for these deals.
“If customers do receive notice of a rate increase, they should challenge their provider as to why the increase is necessary, especially if their credit status hasn’t changed.”
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Homeowners who may find multiple credit card repayments confusing, could consider tying these commitments up into one place with a secured loan. One of many finance options available, a secured loan for debt consolidation could leave borrowers with a single monthly repayment, which could even be lower than the sum of current outgoings. Therefore, borrowers could be left with more money each month, which could potentially be set aside in a savings account 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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Feb 28, 2010 Comments Off
According to The Children’s Mutual, the cost of supporting 18 to 30 year old children is expected to go beyond £30,000. This revelation came about following a survey which also uncovered that 93 percent of parents are funding their adult children, labelled ‘yuckies’ – an abbreviation for ‘young unwitting costly kids’.
In fact, findings show that 28 percent of parents have either remortgaged, or they are planning to remortgage, to financially support their 18 to 30 year old children. Over half of all parents reportedly turn to borrowing in order to meet expenses. Furthermore, it was found that two thirds of parents either have, or will, reduce their day-to-day living expenses in order to fund their ‘yuckies’. For example, 28 percent said that they will be more economical when it comes to food shopping, 7 percent will sell their cars, and 42 percent will be careful with their heating and lighting usage at home.
Chief Executive of The Children’s Mutual, David White, commented: “These figures unveil the stark reality of the cost of being a parent. No longer does turning 18 mean financial independence – in fact 16 per cent of parents questioned expected their child to remain financially dependent on them into their thirties and beyond.
“The families we questioned had just one message for parents whose children are still young – save, save, save! More than half agreed that if they’d have known when their child was born what they now know about the cost of having an adult child they would have saved more through the years, with just 13 per cent having saved regularly in preparation. These figures give us a very clear warning – children aren’t financially independent at 18 and parents need to plan for this to save their whole family’s financial future.”
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Homeowners who may have accumulated a number of credit cards or personal loans in the past due to supporting their grown up children, could consider tying these up into one place by means of a secured loan. One of many finance options available, a secured loan for debt consolidation could leave borrowers with a single monthly repayment as opposed to juggling several. Furthermore, this replacement monthly repayment could even be lower than the sum of current outgoings – thereby freeing up useful money each month. This extra money could potentially be set aside in a savings account 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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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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Feb 2, 2010 Comments Off
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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Jan 13, 2010 Comments Off
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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