People using same Pin are risking money

Around ten million people in the UK are putting their money at risk by using the same Pin number for their different credit and debit cards, according to new research.

The study conducted by Opinium Research found that almost a quarter of the 41 million adult cardholders in the UK choose one Pin number for their cards.

However, of those who had been more cautious, 11 million now only use one card because they cannot remember their different Pins.

Steve Willey, head of credit cards at price comparison site moneysupermarket.com, advised cardholders to be more careful, saying: “A little vigilance can go a long way. It certainly beats the trauma and trouble that can be caused by being far too lax with your cards.”

He also warned that people should be careful to keep sight of their cards when making a purchase, since criminals make billions of pounds each year from card cloning and skimming.

Younger cardholders in particular seem unaware of this, with 23 per cent of those aged 40 or under allowing their card to be taken where they cannot see it, compared to 13 per cent of older people.

Tags: Cardholders, United Kingdom, research, billions, Automated teller machine

Graduates ’shouldn’t have any trouble getting credit’ despite economic turmoil

Despite tighter lending conditions created by the global credit crunch, graduates should not have any trouble in getting credit, one financial expert has claimed.

Moneyfacts said that lenders consider different factors when dealing with graduates as they are viewed as customers worth attracting despite the debt they will have taken on at university.

Because of this, graduates typically enjoy low rates and high borrowing on their loans, which is unlikely to change this year, she advised.

Samantha Owens, head of credit cards and loans at Moneyfacts, said: “We don’t see any market contraction for graduates, and they shouldn’t be concerned about ridiculously high rates, or trouble getting any credit.”

She added that as a graduate is seen as a “good prospect in the long run”, these accounts are to remain static.

According to debt charity Credit Action, average graduate debt in the UK has dropped for the first time in six years.

Graduates who leave university with debt now owe on average £12,363, a decrease of £889 (six per cent) on 2006.

Tags: cent, financial expert, prospect, action, average graduate debt, trouble, university

Council tax rises by 91% in 10 years

Increasing council tax bills are putting the squeeze on mortgage holders throughout the UK.

According to research by Halifax, the average council tax bill has risen by 91 per cent in the past ten years.

This huge increase is clearly going to cause trouble for many homeowners, particularly first-time buyers who may be struggling to keep up with mortgage payments anyway.

Halifax points out that the average annual bill currently sits at £1,078, almost double the £564 that most people paid in 1997-98.

The largest percentage rise has been seen in Monmouthshire, where council tax has increased by 184 per cent in the last decade.

People living in Richmond-upon-Thames pay the most council tax in Britain, with a bill of £1,665.

Halifax points out that the 91 per cent average increase is well above percentage rises in other areas, with average earnings goring by 51 per cent and the Retail Price Index growing by 31 per cent in the same time period.

“Council tax bills have increased significantly faster than either average earnings or retail prices over the past ten years,” said Martin Ellis, chief economist at Halifax.

“Bills diverge across the country. Growth rates over the last decade differ by a wide margin between billing authorities too.”

People considering getting a mortgage are advised to ensure that they have calculated their finances properly before signing up to ensure that they will have enough cash to pay for things such as council tax and household bills on top of their mortgage payments.

Tags: increase, bill, trouble, top, Subprime crisis background information, Local Government, Business Finance

FTBs surprised by first-year costs

Many people who take out a mortgage for the first time are surprised to find that the first year in their new home is a real financial strain.

According to Yorkshire Bank, a large number of first-time buyers (FTBs) fail to budget for a number of outgoings and soon find themselves living on very little money.

The bank claims that 44 per cent of FTBs completely forget to budget for legal fees, stamp duty and a property survey.

A further eight per cent do not put any cash aside for the cost of moving, while unexpected costs, such as damaged or broken appliances, are also not accounted for.

“It is too easy to quickly move on to thoughts of redecorating and building a new conservatory as soon as the offer is accepted, failing to factor in all the costs of a new home,” commented Gary Lumby, head of retail at Yorkshire Bank.

“Overlooking costs such as surveys and stamp duty is asking for trouble when, as our survey suggests, there are likely to be less predictable expenses as well.”

Yorkshire Bank’s research found that the majority of people do put money aside for redecorating when they move into a new home.

A total of 76 per cent of home owners fit a new kitchen and bathroom within the first year of moving into a property and this is another cost that FTBs must consider.

Tags: total, unexpected costs, FTBs, trouble, outgoings, well."yorkshire bank research, stamp duty, yorkshire bank

‘Contaminated fuel’ affects thousands

Thousands of motorists up and down the UK have been experiencing difficulties with their cars as fears grow that a contaminated batch of fuel has been sent out to the country’s forecourts.

Many drivers have reported problems such as their cars misfiring and completely cutting out a short while after refuelling.

An investigation has been launched to determine whether or not this is down to contaminated fuel as the scale of the problem appears to indicate that it is.

However, tests have been carried out on fuel provided by some of the country’s leading petrol stations, such as Tesco and Morrisons, and the results have proved inconclusive.

“Having received a limited number of enquiries further tests were carried out. These found no contamination and confirmed our unleaded petrol met the required standards,” a spokesperson for Morrisons commented.

Most motorists who have experienced problems have found that the trouble is occurring with their oxygen sensors and this is also adding to the belief that it is a result of contaminated fuel.

Drivers are now being forced to have repair work carried out on their vehicles and some insurance firms are promising that if the problems are a result of contaminated fuel, they will be covered.

“If any of our motor policyholders have experienced a mechanical breakdown which is proved to have been caused by contaminated petrol, we will honour their claim under the accidental damage section of their policies,” said John O’Roarke from Liverpool Victoria General Insurance.

Tags: affects thousands, repair work, Fuels, section, trouble, required standards, mechanical breakdown, Economy of the United Kingdom