Different Types of Savings Accounts

When you go to the bank to open a savings account, there are several different kinds that you can choose from. You should take a look at the various offerings to choose the best savings account for your needs. Read more

Information about the Car Scrapping Scheme

The 2009 budget announced an initiative by the government to get as many old cars off the roads and highways of the UK in what they termed a car scrapping scheme. In this plan, anyone who trades in an older model car and purchases a new one could receive a £2000 discount towards the purchase. This “bangers for cars” scheme, as it has been called, is an attempt to bolster the ailing automotive industry that has been hit with heavy losses in the recession. Read more

Top spot in mobile broadband given to T-Mobile

As with any other service, consumers in the UK are looking for not only affordable prices but also great customer commitment and high quality when it comes to choosing a mobile broadband provider. Read more

Government moves to help the indebted

It seems that the government has decided to take drastic measures in order to help those in huge levels of debt according to a recent report. Read more

Don’t Get Ripped Off On Your Holiday This Year

It is possible that your holiday may cost you more money than you planned on spending this year. With hidden bank charges this could amount to an extra £300. Read more

Holiday Accommodations for £2 per Night – No Way!

If you know where to look, you can get cheap holidays with the many holiday firms scrambling to bring in consumers for the upcoming summer holidays. Many firms are offering cheap package deals in which you have unbelievable deals in accommodations, which when you combine with sales on airline flights can give you a holiday in an exotic destination for far less than you would expect to pay. Read more

Pets Don’t Have to be Expensive

According to a recent survey, pet owners in the UK spend a total of £94 million a week on items they need to give their pets the care and attention they need. You can cut down on this expense in several ways. Read more

How to Save Money When Buying Groceries

In just about every household the largest expense is that of food. And, with the rising food prices many are finding it harder and harder to manage to buy the same foods in the same quantities as they once did. The price rise in food in the past year was well above the official inflation rate at an average of 5.9%. Read more

Homeowners must be wary of repossession

Over the past couple of years the world of many homeowners has been rocked because they have suddenly found themselves threatened with the loss of their home through repossession. Thousands of struggling homeowners have indeed ended up losing their homes to repossession, whilst some have taken action early and managed to avoid losing their homes. Read more

How to Minimize Your Car Expenses

Having a vehicle is almost a necessity of life for most of us and one that costs us a lot of money, especially with the rising price of petrol. Along with having to pay for insurance and make the payments on the vehicle, you also have to perform regular maintenance, such as in purchasing new tires and having regular checkups performed on the engine. There are ways though that you can cut down on these costs and save yourself money. Read more

Switching Health Insurance Policies

Many UK residents are scratching their heads in disbelief as the renewals for their health insurance policies come due. The premiums have risen and in many cases by as much as 10%. Since having health insurance cover is vital, many people think they have no other choice but to pay the higher premiums. Such is not the case and there are ways of relieving this type of financial pain. Read more

£1 Can Buy You More Than You Think

In these days of tough economic times, many people may have the idea that their options for enjoying themselves are limited because of low funds and rising prices. However, you can still enjoy yourself on very little money if you know where to look. This article will give you details of 20 ways you can enjoy yourself for as little as £1. Read more

Getting Married? Do You Have Wedding Insurance?

Having a wedding insurance policy in place can avoid huge financial losses if something goes wrong in your home one or before the big say or even shortly after. This is something that all engage couples should consider as they plan the events of their wedding day, but the fact is that not many people know that this insurance cover even exists. Read more

Tips For Keeping Your Identity Safe

With the increases in identity theft, you have to be more careful than ever when doing your day-to-day financial transactions that you once took for granted as being safe. The simple tasks of withdrawing money from your bank account, doing the weekly grocery shopping or taking out an insurance policy has made many people victims of identity theft. Read more

Will banking industry reforms results in higher loan and mortgage costs?

In the current financial climate most people are already struggling to keep on top of their borrowing costs, and most can ill afford to cope with even higher borrowing and mortgage costs. Read more

A guide to benefits for pensioners

As we grow older most of us hope that we will be able to enjoy a comfortable retirement with enough cash to get us through and allow us to spend some quality time with our loved ones. Read more

Protect Yourself and Help in Spotting the Scams of Fraudsters

Fraudsters have scammed UK consumers out of at least £3.5 million in 2008 alone, according to the Office of Fair Trading. Millions of consumers fall victim to these scams each year through adverts and messages sent to them through email, regular mail and by telephone. They include emails from fake bank websites, notifications of lottery wins, offers of free vacations and reduced service costs. Read more

Have a Holiday at Home and Still Get a Bargain

All sectors of the economy in the UK are experiencing difficulties. The travel and tourist industry has been hard hit because many people can no longer afford to spend money on a holiday when they have recently lost their jobs and need the money to pay for essential household expenses. Many of those who usually travel abroad for their holidays are reconsidering this option for 2009, electing to stay at home this summer instead. Read more

Cut Down On Car Insurance by Stopping to Eat

Did you know that eating while driving can cause you to pay higher premiums for your car insurance? Drivers who are caught munching while driving can face increases of as much as £200 when their car insurance policy comes up for renewal. Read more

Update on the American Credit Card Bill of Rights

The Credit Card Bill of Rights was just recently passed in congress. Below are some new rules and my thoughts on them.

Credit Card issuers can only increase your interest rates if:

• When the increase is under a variable interest rate. - This is great news but will not help existing consumers who have got their rates jacked up recently. In fact many more face a similar situation before the bill kicks into effect
• At the end of the promised time period for a promotional rate. - This in my opinion, does not affect current practice. Most 0% balance transfer credit cards deals are for six months and they clearly state that the interest rate becomes a variable rate once the introductory period is over.
• If the required minimum payment is not received within 60 days after the due date - This will buy consumers some time if they are having some difficulty.

Future rate hikes - Card issuer can raise the rate on future purchases with 45 days notice after the first year. No notice is required for increases due to one of the reasons stated above.

Rules About Paying off on old terms
Credit Card issuers cannot change the terms for repaying a balance, unless they give the you either:

• Five years to pay off the outstanding balance at the old rate; or
• An increased minimum payment that has no more than twice the old minimum payment - this means they can increased your minimum payments but not more than twice of what you are currently paying at the moment

There have been more rules (and for the better in our opinion) with rewards to limits on fees and penalties

• If the interest rate increases because the minimum payment is not received within 60 days after the due date, the rate must go back to the original, lower rate if the consumer makes on-time minimum payments for six months - I think this is only fair because it gives consumers a chance and a reward for good paying habits
• No over-the-limit fees may be charged unless the consumer has asked for the account to be set up to allow transactions that will exceed the credit limit. - This is a great provision because credit card issuers have deliberately allowed charges to be made if it crossed their credit limit and then an over-the-limit fee is charged!
• An over-the-limit fee may be imposed only once per billing cycle if the balance is above the limit on the last day of the cycle - the fact that this law had to be passed just goes to show how abusive things have gotten
• No fees can be charged for making payments except for expedited payments arranged through a customer rep - again, the fact that this should even be in the bill is just ridiculous
• Penalty fees (late fee, over-the-limit fee, etc.) must be reasonable and proportional to the omission or violation. The Federal Reserve Board must issue rules to set standards to decide what fee levels are reasonable - This one is interesting because it remains to be seen what is deemed as “reasonable”.
• Two-cycle billing is prohibited - this one is long overdue

Credit Card issuers must also consider one’s ability to pay - How this one can be implemented is beyond me? Credit card issuers only ask you to fill in your income or household income upon the initial application. But how will they find out if you have had a raise or lost a job?

• Amounts in excess of the minimum payment must be applied to the highest interest rate, except in the last two months before a deferred interest balance is due - this one is long overdue

Rules on due dates, time to pay - This one is interesting in that it just goes to show the abuses that credit card companies have heaped upon consumers.

• Credit card issuers cannot set early deadlines for payments. Payments must be received by 5 p.m. at a location set by the issuer.
• Due dates will be on the same day each month - this may be a problem as I’d rather have them on the same date. What happens to autopay, which is always set up based on a date every month?
• Card issuers must deliver the bill at least 21 days before the due date

College Students - Perhaps the biggest impact will be those who are college students. It appears that it will be more difficult to get student credit cards

• Before issuing a card to a person under 21, the issuer must obtain an application which contains either the signature of a co-signer over 21 or information indicating an independent means of repaying any credit extended - looks reasonable but what happens if your parents do not have good credit?
• Card issuers may not raise the credit limit on accounts held by a person under 21 who has a co-signer without written permission from the co-signer - once again, this seems very sensible
• No prescreened card offers can be made to people under 21 unless they have consented to receive such offers - I really like this idea because I think the less offers one gets, the more unlikely he or she will get a credit card just because of an offer
• Card issuers cannot provide tangible gifts to students on campus in exchange for filling out a credit card application - no more booths sponsored by credit card issuers?
• Colleges must publicly disclose any marketing contracts made with a card issuer - colleges will not like this one at all. But with endowments under pressure???

Rules on Issuance fees - I think this rule has tremendous implications for the sub prime sector, particularly to issuers that issue credit cards for people with bad credit. These issues tend to issue cards from up front fees of as much $200. But worse of all, they tend to start someone off with a $300 credit limit. So even though you have a $300 credit limit, you end up with (in this example) just a $100 limit because of fee. From now onwards, issuers cannot finance fees and charges for opening a credit card where the fees and charges total more than 25 percent of the credit limit.

This is a guest post written by Mr Credit Card from www.askmrcreditcard.com. His site reviews credit cards and if you are looking for the best credit card offers, then you may want to head over their.

CML releases repossession figures

The Council of Mortgage Lenders released figures last week that showed the level of repossessions in the UK had increased by 50% in the first three months of this year compared to the first quarter of the previous year. The number of repossession is said to have soared to 12,800 in the first three months of the year, and this was up from 10,400 in the previous quarter and from 8,500 in the first three months of 2008. Read more

Prices of UK Homes Still Falling

With the increases in mortgage lending that occurred in the UK during the month of March, many homeowners felt that the recession was nearing an end and that they would soon start to see an increase in house prices. Read more

Buy High End Clothes at Rock Bottom Prices

Have you noticed an increase in the adverts in newspapers for designer products at bargain prices? If so, you are not alone. The analysts at Gumtree.com have also noticed this increase in recent months. Read more

Mortgage Approval Rates are on the Rise – Is the Recession Coming to a Close?

According to the figures from the mortgage industry for the month of March, it seems that lenders are once again starting to approve mortgages for homeowners. An increase of 16% in the number of mortgages approved in March seems to send a signal that the recession in the UK housing market may have bottomed out and is finally starting to rise once again. Read more

Save By Using Cash When on Holiday

Most people use credit cards when they are traveling on vacation because they feel that it is a safer way of handling their money than using cash for their needs. They feel that there is a greater chance of having the cash lost or stolen and then they are left stranded. By using a credit card, they can report it lost or stolen and not have to worry about losing any money as a result. Read more

UK 2009 Budget Urging the Country to Go Green

If you have an aging vehicle, you can profit from the recent announcement in the 2009 Budget. The government is promising a bounty of £2000 to any UK resident who chooses to scrap an older vehicle and purchase a newer model. This scheme, which is modelled after a similar one in Germany, will target cars that are nine years old or more. Read more

More Help Needed for Elderly UK Residents

Rising fuel prices is causing financial difficulty for many of the elderly residents of the UK. According to Age Concern and Help the Aged, it is time for the government to sit up and take notice of the problems that this sector of the population is encountering in trying to cope with the current recession. Read more

Can you afford to head off abroad?

Traditionally, this is the time of year when many Brits start to think about their summer holidays, with many deciding where and when they want to go and then looking for the best deals so that they can get their holiday booked up. Read more

Is it time to lay off the banks?

Nobody can deny that over the past year and a half the UK’s banking industry has taken a real battering from all sides, with consumers, government officials, regulators, and campaign groups having really laid into the banks, accusing them of everything from irresponsible lending practices to failure to control bonus levels paid to executives. Read more

Darling admits that he was too optimistic about the recession

Earlier this month the Chancellor of the Exchequer, Alistair Darling, boldly admitted that his initial predictions about the ongoing recession that has gripped the UK were too optimistic. Darling said that he had underestimated the recession, which he had originally predicted would be over by the middle of this year. In an interview with a leading national newspaper, the chancellor simply said ‘It’s worse than we thought’. Read more

HSBC’s £1bn boost to first time buyer market

HSBC has allocated £1 billion to a new 90% loan to value product which it is hoped will give a much needed boost to the first time buyer market. Read more

Would you join your local supermarket bank?

We are all used to popping to the supermarket every week or so to go and get our groceries and household goods, but when it comes to doing our banking most of us are more used to heading to the High Street, picking up the phone, or getting online to make transactions. Read more

The pros and cons of the base rate cuts

Between 2006 and early 2007 many people were horrified as a result of the base interest rate increases which saw the base rate rise from 4.5 percent to 5.75 percent. Borrowers and homeowners found that their financial commitments went up considerably, although the rate increases came as far better news for other groups such as savers, who hoped to get better returns on their money as a result of the rate increases. Read more

Online Banking Fraud is on the Rise in the UK

The instances of fraudsters using software that enables them to access bank accounts has rose dramatically in 2008 when compared with such occurrences in previous years. According to bank authorities, online banking fraud doubled in this year alone. The device used by fraudsters to accomplish this task is called keylogging. Read more

Negotiating a Settlement When Your Job Has Become Redundant

Job losses have occurred in all sectors of the economy in recent months due to the global recession which is taking its toll on companies of all sizes. Read more

Ways of Shopping for the Best Mortgage Deal

Due to the current recession lenders are no longer offering great deals to potential homeowners in an effort to entice them to apply for a mortgage. Read more

Understanding Your Credit Rating

A lender is not under any obligation to approve credit for you or to give you a loan. When you apply for credit, lenders look at many different factors in order to determine if you are a good risk to repay. It is important to have an income and you will have to supply proof of being employed. In addition to assessing your income and your existing payments, lenders also look at your credit rating. This alone is weighted heavily in the approval or denial of credit. Read more

Fifty Percent of UK Shoppers Don’t Shop Online

According to a recent survey of the shopping preferences of UK consumers, over half of those surveyed say they are fearful of shopping online because they have to enter their credit card details on Internet shopping sites. Read more

PM - financial system needs to be regulated through five core principles

The Prime Minister, Gordon Brown, has recently explained why there is such a dire need to look at how the financial industry is regulated in the UK, and to address the issue of stricter regulation not just in Britain but also in other countries so that the needs of the future can be met. Read more

Get Help for Paying Your Energy Bills with a New Government Program

The recent announcement by Gordon Brown, the Prime Minister of the UK, will help alleviate some of the stress most UK families are feeling as a result of not having enough money to pay their essential monthly expenses. Read more

An Overview of Private Dental Insurance

Visiting the dentist is a costly proposition. Those without insurance generally put off such visits until they have no other choice even though they do have coverage under the National Health Service. If you consider taking out private dental insurance you can enjoy more flexibility and have some of your dental costs covered. Read more

Updated summary boxes could help credit card customers

For many people finding the right credit card can be difficult enough at the best of times, but when credit card providers use technical financial jargon on their marketing materials and application forms this can make the matter even more complicated. Read more

Deposit levels could shoot up further for would be buyers

Until the end of 2007 the UK, along with many other nations, had enjoyed around a decade of easy credit, and for many the sudden financial restrictions that came into play with the onset of the global credit crunch in 2007 came as a real shock. Read more

Shopping Around for the Best Deal in Broadband

The aim of the British government is to bring Broadband into every home in the country within a three year period. This is indeed an ambitious plan that leaves households scrambling to find the best possible deal in getting a connection. Read more

Ban on PPI by Competition Commission

For the past few years the insurance cover known as Payment Protection Insurance or PPI has been causing a great deal of controversy in the financial world. Read more

How bleak is the future for the UK?

Many people were horrified to learn recently that whilst many major economies are going through a severe downturn and recession, the UK is expected to be the hardest hit of the major economies, which is of course bad news for UK consumers and businesses. Read more

The day Britain nearly went bust

For most of us Friday 10th October 2008 was just like any other day, and we all went about our business as usual, with no idea that government officials were working frantically behind the scenes to try and save the nation from a disaster. However, it has now been revealed that on that same date the nation was on the brink of financial collapse. Read more

Savings rates continue to tumble

The base interest cuts that have been applied by the Bank of England over the past few months have been welcomed by many borrowers and industries, and for many homeowners and borrowers the base rate cuts have left them with far more money in their pocket each month as a result in a drop in repayments. Read more

Is chancellor too optimistic about recovery of the nation?

Most people in the UK are now well aware that the UK is going through a very rocky period, with the global financial crisis still taking effect and the recession further impacting on the economy. Read more

Many jobs to be affected by credit crunch

Most people are sick of hearing the term ‘global credit crunch’, but sadly this is s term that many of us have had to get used to over the past year. Read more

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