We all know that the unwise use of credit cards can severely damage your wealth. With most cards boasting APRs of 11% or more, they’re an expensive way to borrow and with many finance companies offering ridiculous levels of credit, it’s perfectly possible to achieve a quite scary level of debt, even for those on relatively meagre salaries. It’s therefore perhaps not surprising that personal debt (including mortgages) in the UK is currently over £1.1 trillion, and growing fast.
Tag: Credit
Motley Fool: Ten Tips To Prevent Financial Chaos!
As it is National Identity Fraud Prevention Week (check out the Stop ID Fraud website), I thought I’d take the opportunity to warn you about this financial scam.
MoneyExpert: Customers Urged To Give Up ‘passive Plastic’
Some 20 million credit card holders in the UK are using cards which offer no rewards, according to new research.
Motley Fool: A New Issue For The Long-Term
Information is becoming ever more important in the 21st century, and Experian (LSE: EXPN) is collecting information on you. It then sells this information to banks, insurance companies and all sorts of other businesses.
This Is Money: GNER Faces Financial Crunch
Train operator GNER’s fate is in the balance today after its US parent company Sea Containers filed for bankruptcy protection from its creditors
This Is Money: Half Of People Left Open To Fraud
In the run up to National Fraud Prevention Week, a new survey reveals that half of us are throwing away documents that ‘bin raiders’ use to commit ID fraud
Scotsman: Credit Shared Is Credit Controlled
EVERYONE’S entire credit record could soon be shared by all lenders following the launch this week of a consultation by the Department of Trade and Industry (DTI) as part of its bid to reduce the soaring level of debt in the UK.
MoneyExpert: The Demise Of The Fee-free Balance Transfer
When looking for a credit card to suit your financial needs, the proposition of a fee-free balance transfer is becoming a “dying breed”, a financial analyst has said.
MoneyExpert: Credit Card Spending Doubles In Five Years
The amount spent using debit, store and credit cards was £470 billion in 2005 – double that of 2001, according to a new report.
This Is Money: Lenders To Blame For Bad Debts
High Street banks’ calls for tough controls on debt firms have been dismissed by the Government, which says lenders are to blame for the problem