June 2008 - In the News
Credit Cards - Debit cards first choice for consumers
Debit cards are the preferred spending method for consumers, according to a new survey.
Findings from the Apacs, the UK payments association, showed that debit cards were the first choice for the majority of consumers for the seventh year running with 62 per cent of the vote. ... More
Unsecured Loans - Payday loans
In the recent volatile economic times in the UK, increasing numbers of consumers are turning towards payday loans as a solution to their financial uncertainties.
Research from Moneysupermarket.com showed... More
Debt Consolidation - Consumers not preparing for the future
Up to half of spenders in the UK are not preparing their finances adequately for the future, according to a new survey.
Findings from Scottish Widows revealed that 51 per cent of people are putting enough money away to save for their retirement.
Only 25 per cent of people not ... More
Unsecured Loans - Loan rates are increasing
Lenders of personal loans are 'feeling the pinch' as much as the consumers struggling to extract money from their More
Debt Consolidation - Debt levels up by 50 per cent
The level of debt owed by consumers seeking help advice over whether to take up a personal loan or debt ... More
Debt Consolidation - Brits feeling over taxed by tax
Following a report showing that the UK tax burden has risen by 76 per cent in the last decade, nearly half of consumers believe that stealth taxes are responsible for their bank accounts being ... More
New Mortgages - House price fall must "be kept in perspective"
The current fall in house prices "must be kept in perspective", one housing expert has claimed.
Findings in a study by the Building Society Association (BSA) showed that nearly three-quarters of respondents said that prices would fall over the course of the next year, with the ... More
Debt Consolidation - Economic growth falls by half according to new figures
The growth of gross domestic product (GDP) fell to 0.3 per cent during the first half of 2008, according to new figures.
Findings from the Office for National Statistics (ONS) revealed that the economy is now growing at its slowest rate since the first quarter of 2005. ... More
New Mortgages - Renters to be better off than homeowners
The amount of money spent on commodities and services is less for renters than it is for those who have to make mortgage payments every month, one financial expert has claimed.
MoneyExpert said that while the average tenant spends £133.90 per person each week on bills, electricity, ... More
Unsecured Loans - Consumers should insure loans especially during summer
With the summer holidays being one of the most expensive times of the year, consumers with personal loans in place should ensure they take out More
Credit Cards - Credit card schemes can offer "long-term value"
Schemes offered as part of credit card deals offer consumers "long-term value", according to one expert.
Sainsbury's More
Unsecured Loans - Increasing numbers of people looking to payday loans
Twice as many consumers people are turning to payday loans than they were nine months ago, according to new research from moneysupermarket.com.
Findings from a study by the consumer watchdog, undertaken ... More
New Mortgages - Up to 3.25m looking to move
Over three million people are looking to move house despite worries over the future of the housing market, new research shows.
Findings from a study by Alliance & Leicester revealed that a large number of these homeowners are looking to More
Debt Consolidation - One in 25 consumers anticipate dying in debt
Up to four per cent of consumers believe they are going to die in debt, according to the results of a new study.
Findings from research by Fool.co.uk showed that while many people believe they have a guaranteed inheritance, less than one in four believe they will be able to bequeath ... More
New Mortgages - Landlords must "know their market"
Landlords must know their market when looking to let their property, according to one property expert.
The National Landlords Association said that a landlord letting property in London to young professionals could make it more attractive by providing a broadband connection or putting a ... More
Debt Consolidation - Debt consolidation loans can help consumers
Consumers who look to debt consolidation loans as a way to escape debt are making a "smart move", according to a new article.
The feature in Best Syndication said that under the terms of... More
Credit Cards - People still spending on their credit cards despite the crunch
Despite the economic uncertainty that is dogging consumers in the UK, nearly £8 billion is expected to be spent in the sales during the summer, according to new research.
Findings from Sainsbury's Finance revealed that 25.78 million people are planning to spend an average of ... More
New Mortgages - PPI comparison service launched by the FSA
A new service to compare the various payment protection insurance (PPI) schemes available for consumers has been launched by the Financial Services Authority (FSA)
PPI is a policy taken out by a consumer, who has opted for an More
Credit Cards - Consumers using credit cards 'wisely' could save money
When paying off their credit cards consumers should look to pay off more than the minimum amount to save themselves money, one financial expert has warned.
Moneyfacts.co.uk said that in the current ... More
Debt Consolidation - Consumer guide launched to help with finances
An online guide and factsheet have been put together by a consumer watchdog to help those who are struggling to keep their finances together in the wake of the credit crunch.
uSwitch.com said that it has put together a list of tips to help consumers save money in video and online ... More
New Mortgages - Still a good time to buy property?
More than a quarter of consumers have said that now is a good time to buy property in a new study, despite the widely-reported financial turmoil brought on by the credit crunch.
Findings from a study by the Building Societies Association (BSA) said that while over half of respondents ... More
Debt Consolidation - Regular saving is a "brilliant habit"
Putting money into a savings account to prepare for the future is a "brilliant" habit to get into, one financial expert has claimed.
Moneyney.co.uk said that even putting away as little as £10 to £20 per month into a More
Unsecured Loans - Consumers turning to "doorstep loans"
Increasing numbers of in-debt consumers are turning to doorstep loans as banks are making borrowing harder, according to new research.
The study from Equifax revealed that nearly a third of ... More
New Mortgages - Lending fell again during May
The amount of gross lending fell by two per cent during May to £25.5 billion, according to new findings.
Research from the Council of Mortgage Lenders (CML) showed that this figure was down by 19 per cent from the £31.5 billion recorded in May 2007.
Michael Coogan, ... More
Unsecured Loans - Rejection rate for unsecured loans higher than before
The number of rejections for unsecured loan applications has increased, according to new research.
Findings from a study by Defaqto showed that when comparing the average deal across a range of unsecured loan amounts with the average recorded last time interest rates were at five per ... More
Debt Consolidation - Many Brits are still to switch accounts despite costs
Up to one in seven consumers in the UK are still to switch to a more cost-effective current account, despite attention being drawn to bank charges by the Office of Fair Trading (OFT), one financial watchdog has claimed.
Moneysupermarket.com said that out of those who have made a change ... More
Unsecured Loans - A poor credit rating 'will make it difficult' to borrow
If a consumer possesses a 'poor' credit rating then they will find it difficult to borrow in the present economic climate, one financial expert has warned.
Moneynet.co.uk said that at present lenders are only providing money to those consumers who can demonstrate their ability to pay it ... More
Debt Consolidation - Increased price of food due to transport costs rising
Record oil prices have resulted in the cost of transport and food rising, one financial expert has claimed.
Mysupermarket.com said that if the oil price increases then it has double effect on the supply side as the transportation cost of raw materials goes up.
Johnny Stern, ... More
Debt Consolidation - Over half of the population has never received financial advice
Up to 57 per cent of consumers in the UK have never received financial advice, according to new research.
Findings from a study by Zurich revealed that over 80 per cent of 18 to 24 year-olds have not sought financial advice.
A further 64 per cent aged between 25 and 34 have not... More
Debt Consolidation - Store cards "are the devil in disguise"
Despite new rules being in place to protect consumers, store cards are still the "devil in disguise" with some charging almost 50 per cent more interest than credit cards, one financial expert has claimed.
Research from Fool.co.uk revealed that store card providers have got ... More
Debt Consolidation - Over-75s hit hardest by inflation
Consumers aged over 75-years old have been hardest hit by the economic turmoil brought on by the credit crunch, according to new research.
A study by Alliance & Leicester revealed that the over-75s have seen inflation rise from 4.1 per cent to 4.8 per cent.
For other age ... More
Credit Cards - Up to £17m lent on credit without income proof
An estimated £17 million was lent to consumers on credit cards without any proof of income being provided, one financial expert has claimed.
Findings from uSwitch.com's annual Credit Card Affordability programme revealed that 4.8 million credit cards were issued during the last year... More
Debt Consolidation - Inflation reaches highest level for 16 years
Inflation in the UK has reached its highest level for 16 years, according to official figures from the Bank of England.
The statistics from the Consumer Price Index (CPI) show that inflation reached 3.3 per cent during last month which is a rise of 0.3 per cent between April and May. ... More
New Mortgages - Lowest levels of home building since the second world war
The number of homes to be built during 2008 is expected to drop to its lowest level since 1945, new figures claim.
A market prediction by the Construction Products Association (CPA) shows that 147,000 house starts are expected to take place this year.
This is a 27 per cent fall... More
Credit Cards - Credit crunch hits richest and poorest consumers the most
The effects of the credit crunch are hitting both the richest and the poorest of consumers hardest, according to a new survey.
Findings from the MGM Advantage Retirement Nation study showed that up to one in twenty would rather save their money in their mattress than in a bank. ... More
New Mortgages - Cost of a fixed-rate mortgage has reached a ten-year peak
The price of a fixed-rate mortgage has reached the highest level for ten years, one finance expert has claimed.
Findings from MoneyFacts revealed that interest for an average two-year fixed-rate mortgage deal is now at 6.75 per cent.
The average price for a five-year mortgage ... More
Debt Consolidation - Consumers receiving "pitiable rates" for remaining in credit
Many people are receiving "pitiable rates" from banks for remaining in credit, one financial expert has claimed.
Research from MoneyExpert.com revealed that the average credit interest rate has increased to two per cent from the 1.6 per cent recorded two years ago. ... More
Debt Consolidation - Economy is to experience slowest growth for 17 years
The economy in the UK is expected to go through its lowest rate of growth since 1992 during 2009, one economic expert has claimed.
According to the Confederation of British Industry (CBI), the economy has lowered its expectations for the growth of domestic product to 1.3 per cent. ... More
New Mortgages - Homeowners adopting 'DIY' approach to moving house
Homeowners looking to move house are adopting a 'DIY' approach in a bid to save themselves money, one financial expert has claimed.
New research from Lloyds TSB revealed that over half of those surveyed said they undertake the removal process themselves to save money.
Up to ten... More
New Mortgages - Recovery of property market may take years, says expert
House prices may take up to four years to reach the same peak as seen during 2007, according to one finance expert.
Findings from a study undertaken by the Society of Business Economists (SBE) showed that two-thirds of its members thought it would take until 2012 for the market to reach ... More
Credit Cards - Rising fuel prices are driving motorists out of their jobs
Up to one in six Brits are considering leaving their job and looking for work closer to where they live due to the rising cost of fuel, one financial expert has claimed.
Research from insurance.co.uk revealed that a quarter of drivers have decided to leave their cars at home and try ... More
New Mortgages - Housing market value has fallen by £300bn
The value of the housing market in the UK has fallen by £300 billion since September last year, according to new research.
Findings from a study by Zoopla, a property valuation website, showed that the total combined value of residential property in the UK is over £5.8 ... More
Credit Cards - Inflation expected to rise to 4.3%
Consumers are becoming increasingly concerned by fears of rising inflation with the consensus being that it will increase by a further 4.3 per cent, according to a new study.
Findings from the Bank of England's (BoE's) quarterly survey showed that although the official rate of inflation ... More
Debt Consolidation - Consumers warned to watch out for Iva scam
The Office of Fair Trading (OFT) has issued a warning to consumers to watch out for letters informing them to cancel their existing Individual Voluntary Agreements (Ivas).
According to the OFT, the letter suggests that the consumer has been "mis-sold" an Iva and that they ... More
Debt Consolidation - Up to 1 in 4 Brits feel finances are "out of control"
More than a quarter of consumers in the UK feel their finances are "out of control", according to a new survey.
Findings from GE Money revealed that eight per cent of those questioned admitted that they regularly spend more than they earn.
Chris Tapp, director of ... More
New Mortgages - First-time buyers' deposit reaches three year high in April
The effects of the ongoing economic volatility have impacted on the housing market with first-time buyers' average deposit being the highest for three years, according to new figures.
Findings from the Council of Mortgage Lenders (CML) showed that the average buyer looking to get a foot ... More
New Mortgages - Price of fixed-rate mortgage deals go up
The number of fixed-rate mortgage deals with high prices has grown by over a thousand per cent, according to new research.
Findings from MoneyExpert showed that in September 2006 – before the credit crunch and the accompanying economic uncertainty – 22 fixed mortgage deals were... More
Debt Consolidation - Homeowners facing repossession need to seek advice
Those homeowners under threat of losing their home because of repossession need to seek advice, one property expert has claimed.
According to Transact, an independent organisation committed to financial inclusion, if a consumer is struggling financially and is in danger of losing their ... More
Debt Consolidation - Financial best achieved before 40
Consumers in the UK are at their most financially productive before they reach 40 years old, one financial expert has claimed.
Fool.co.uk said that the average wage of 16- to 20-year-olds rises from £15,000 to £17,500 for people in their mid twenties before flattening at ... More
Debt Consolidation - Mortgage debt climbs to £207bn
A third of homeowners in or approaching retirement owe £207 billion in outstanding mortgage debt, according to a new report.
Findings from a study by Key Retirement Solutions showed that the average debt per person works out at £37,316, while there has been a 20 per cent ... More
New Mortgages - Up to 2m people planning to move to capitalise on falling prices
An estimated two million people are planning on moving house in a bid to take advantage of falling house prices, according to new research.
Findings from a study by Abbey showed that 1.2 million homeowners are hoping to move up to a bigger house within a year in an attempt to find a ... More
Debt Consolidation - Number of pensioners and children in poverty rises
The number of pensioners and children living in poverty rose by an estimated 400,000 during 2007, according to new statistics.
Findings from the Department for Work and Pensions recorded in 2006-07 show that the number of pensioners living in relative poverty rose by 300,000 while the ... More
Unsecured Loans - More loans taken out to fund education
An estimated 18,000 loans worth an estimated £165 million were taken out to pay for school fees, a finance expert has claimed.
Sainsbury's Finance's analysis of government data suggests that households are increasing their spending on education.
The firm estimates that the... More
New Mortgages - 'Property market may pick up again'
The property market will pick up again "if not to what it was six months ago", one housing expert has claimed.
Bestinvest said that lenders will become more confident once the liquidity has moved back into the market and top rates return towards where the base interest rate ... More
New Mortgages - Mortgage lenders 'killing' the housing market
Increasing restrictions from lenders on their home loan deals are "pushing out" first-time buyers from the housing market, one property expert has claimed.
Moneyextra.com said that lenders are to blame for this situation rather than the Bank of England for keeping the base ... More
New Mortgages - Interest rates on cards rise
Consumers whose zero per cent balance transfer deals on credit cards have expired are facing increased interest rates, one financial adviser has claimed.
Research from MoneyExpert shows that the average APR has increased from 15.4 per cent in January to the current rate of 16.1 per cent.... More
New Mortgages - People more likely to emigrate ''when times get tough''
Increasing numbers of consumers in the UK look to emigrate when times are economically tough, one property expert has claimed.
Buy Association said that the number has grown during the past 20 years but during the last five this figure has grown a lot steeper.
Paul Collins, ... More
Debt Consolidation - Elderly worst hit by the credit crunch
Consumers aged 55 and over are the worst hit by the economic turmoil brought on by the credit crunch, according to new research.
Findings from a study by Skipton Building Society revealed that more than 80 per cent of elderly spenders have reportedly cut back on their outgoings. ... More
Debt Consolidation - Brits' shopping 'habit' persists
Despite the economic worries brought on by rising household bills tightening budgets, up to one in four consumers has retained a shopping habit, according to new research.
Findings from the study by the Cahoot online bank, a subsidiary of Abbey, revealed that up to ten per cent of ... More
Credit Cards - British consumers need to be doing more saving
Consumers in the UK need to be doing more saving and become less reliant upon credit cards and loans, one financial expert has claimed.
Transact, an independent network encouraging financial inclusion, said that the banking industry is in agreement that a culture of saving needs to be ... More
Debt Consolidation - Consumer confidence reaches record lows
Confidence of spenders in the UK has dropped to a record low, according to new figures.
Findings from the British Retail Consortium (BRC), which questioned over 1,000 consumers, said that rising costs and talk of falling property values are behind this drop in confidence.
Over ... More
New Mortgages - House prices in London are falling
London house prices have dropped by their fastest rate since the 1990s, according to new research.
Findings from the Knight Frank Prime Central London Index showed that the price of property in the capital has fallen by 1.5 per cent during last month.
The annual rate of growth ... More
Debt Consolidation - Bank of England's decision ''not entirely unexpected''
The Bank of England's (BoE's) decision to keep interest rates the same for the second successive month was "not entirely unexpected", according to one financial expert.
However, Fool.co.uk said that the decision leaves consumers "in the worst of two possible worlds" ... More
Debt Consolidation - Debt consolidation 'is an option'
Consumers in debt could consider debt consolidation as a way of getting out of their financial difficulties, according to one financial expert.
Experian said that struggling consumers should evaluate their finances either monthly or quarterly.
James Jones, consumer education ... More
Remortgage - ''Bulk of lending'' to be for remortgages
The bulk of lending in the housing market is to be for homeowners looking to remortgage, one property expert has claimed.
Your Mortgage said that while the amount of lending has dropped, growth in terms of mortgage lending was still occurring but at a slower rate.
Pauline ... More
New Mortgages - House prices fell by 2.4% in May
House prices fell by 2.4 per cent during May following a drop of 1.3 per cent during the month before, according to new research.
Findings from the latest Halifax House Price Index reveal that the house prices for 2008 are currently down by 3.8 per cent compared with this time last year.... More
Debt Consolidation - Savers lose out on £8bn each year in interest
Consumers are missing out on £8 billion in interest each year by leaving their savings in accounts with interests below the base rate, according to new research.
Findings from a study by the Post Office showed that nearly a third of savers do not know what the interest rate on their... More
New Mortgages - Government 'needs to ease property difficulty'
The chancellor and the prime minister need to consider more options to ease the pressure on the housing market, one property expert has claimed.
According to the National Association of Estate Agents (NAEA), the government should look at abolishing stamp duty for first time buyers and ... More
New Mortgages - Housing situation worse than before credit crunch
Although the number of repossessions will remain low, the housing situation is worse than it was before the credit crunch, one property expert has said.
The Council of Mortgage Lenders (CML) said that the shortage and cost of mortgage funding will mean borrowers coming to the end of ... More
New Mortgages - Young buyers priced out of housing market
More than a quarter of young buyers have been priced out of the property market due to the economic effects of the credit crunch, according to new research.
Findings from a study by Hometrack showed that 28 per cent of potential homeowners cannot afford even the cheapest property in ... More
New Mortgages - Bank of England ''certain'' to keep interest rates the same
The Bank of England (BoE) is very likely to keep interest rates the same this week, according to one financial expert.
Howard Archer, chief European and UK economist for Global Insight, said that the BoE "seems certain" to keep rates at five per cent.
"With ... More
New Mortgages - Scottish borrowers fare better in the credit crunch
The shortage of funding is continuing to restrict mortgage availability across the UK although Scotland is faring better than the UK, according to new research.
Findings from the Council of Mortgage Lenders revealed that the number of approved loans for mortgages in Scotland was down to ... More
Debt Consolidation - Up to one in ten unaware of level of debt
Up to ten per cent of consumers have no idea how much debt they are in, according to new research.
Findings from a study undertaken by CreditExpert revealed that although 96 per cent of spenders claim to be familiar with their current financial situation, only one in four can accurately ... More
Debt Consolidation - Growing numbers of consumers concerned about 'debt mountain'
Increasing numbers of spenders who owe money to banks and lenders are becoming worried about their ability to manage their debts, one financial expert has claimed.
According to research from MoneyExpert, nearly 40 per cent of those with debt say that they are worried about whether they ... More
New Mortgages - Drop in mortgage approvals ''a wake-up call''
The latest drop in the number of mortgage approvals is "a wake-up call" for those homeowners looking to put their property on the housing market this year, one financial expert has claimed.
Fool.co.uk said that the latest figures on mortgage approvals from the Bank of England ... More
Credit Cards - Consumers relying on credit to find themselves out of pocket
Those spenders relying on credit are going to find themselves increasingly out of pocket, new research has revealed.
A study by Moneyfacts has shown that purchase and cash rates, as well as charges, continue to increase.
The findings show that there have been up to 22 purchase ... More
New Mortgages - Equity release market remains strong
The equity release market has not been affected in the same way that the traditional mortgage market has by the credit crunch, according to one property expert.
Saga, a financial advisor, said that this is a long-term product and should not be affected by short-term instability in the ... More
New Mortgages - Lenders continuing to ''tighten up'' on borrowing conditions
The latest figures on the number of mortgage approvals for the past month emphasise the difficulties being faced by those looking to put a foot on the property ladder, one property expert has claimed.
New figures from the Bank of England (BoE) showed that the amount of mortgage approvals... More
Debt Consolidation - Fuel poverty programme should help but more ''needs to be done''
The fuel poverty programme is a "serious commitment" from the government to tackle the problem but more could still be done, one consumer watchdog has said.
According to the Citizens Advice Bureau (CAB) it saw an 11 per cent increase in the number of fuel debt cases compared ... More
New Mortgages - Homeowners feel trapped in homes due to financial situation
Up to a quarter of homeowners feel they are trapped in their homes because of their financial situations, according to new research.
Findings from a study by Gocompare.com revealed that many consumers have abandoned plans to move house or make any changes to their homes in the wake of ... More
New Mortgages - Affordability could continue to be a housing problem
If the shortfall in new housing is not made up then the affordability problem could "continue and potentially get worse", one property expert has claimed.
The Home Builders Federation (HBF) said that the long-term repercussions will be that there will be an imbalance between ... More
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