Archives for the 'Credit Card Debt' Category
Existing debt problem ‘driving credit promotions’
The debt problem in the UK is driving banks to offer evermore favourable promotions on credit cards, it has been claimed.
Susan Hannums, savings manager for AWD Chase de Vere, notes the proliferation of special offers as banks look to sign up new credit card clients.
And she advises caution in taking advantage of such deals, as […]
Store cards ‘can co-exist with credit debt management’
It is possible to undertake a process of credit debt management and still hold store cards, according to the British Retail Consortium (BRC).
The trade association suggests that consumers should be given a wider understanding of the products and allowed to decide whether they can afford repayments.
While many store cards offer interest-free periods of up […]
MoneyExpert outlines benefits of credit debt management
Card companies in the UK are cashing in on up to £50 million in penalty fees for missing payments over the past six months.
Website MoneyExpert has issued advice to consumers about the benefits of credit debt management in order to keep on top of their debts and avoid damaging their credit rating.
With around 694,506 […]
Equifax warns Brits to stick with credit debt management
Britons should continue to exercise credit debt management if minimum repayments are reduced, according to Equifax.
The credit expert claims that a number of credit card companies are planning to reduce the minimum amount which must be repaid each month.
While this could be good news for borrowers who are short of cash, Equifax warns that […]
Constant base rate ‘to ease debt problems’
The monetary policy committee’s (MPC) decision to maintain the Bank of England’s base rate at 5.5 per cent is an attempt to ease debt problems, according to the minutes of the June meeting.
While MPC members expressed a desire to raise rates by 0.25 per cent, there was some concern that consecutive increases could place […]
Debit cards ‘could raise debt levels’
The increased uptake of debit cards could result in higher debt levels as retailers raise prices to cover processing costs, it has been warned.
UK payments association Apacs advises that retailers wishing to accept payments by debit card are likely to be charged a fee as a percentage of the value of the transaction.
And a […]
Credit cards ‘adding to mortgage debts’
Many Britons are adding to their mortgage debts by using credit cards to cover the additional costs when moving house, it has emerged.
Research by Co-operative Bank revealed that 15 per cent of home movers have turned to their plastic to pay for unforeseen fees such as stamp duty and solicitors’ bills.
In all, some £10 […]
CCCS: Clear credit card balances to avoid debt
Consumers have been advised that they should clear their credit card balances completely each month rather than paying minimum repayments.
The Consumer Credit Counselling Service (CCCS) states that consumers should use their credit cards sensibly following greater transparency in the market by attempting to pay more than the minimum charge each month.
Frances Walker, spokesperson for […]
Sharp increases in credit card spending
Britain and its consumer’s love affair with the credit card appears to be once again on the increase. Official figures from last month report a steep increase in spending. This will have a knock on effect as the Bank of England will be less likely too cut interest rates.
The bank reported that credit card debt […]
‘15% of Britons’ wages spent on credit cards’
The average Briton spends about 15 per cent of their annual salary on their credit cards, according to research.
New figures from life assistance firm CPP, suggested that UK consumers spend approximately £150,000 on their credit card in a lifetime.
It also found that average credit card users spend about £3,540 per year on holidays, bills […]