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Poorer Brits may find it harder to repay loans

Obtaining credit could soon become more difficult for people on lower incomes. A report out today suggests that poorer people face a tough time securing and repaying loans. The Joseph Rowntree Foundation also warned that low-income households would find it increasingly difficult to find credit. “Left to its own devices, the commercial market will continue to move away from lending to the poorest people,” the report said.

“Many of the proposals to tackle high-cost lending are likely to accelerate this trend and leave poor people with even less choice and higher costs.”the UK’s debt mountain topping £1 trillion, there is growing concern about the ability of people to repay personal loans. While the government has made moves to tackle unfair lending practices, ministers have stopped short of putting a ceiling on loan rates.

Posted in loan rate, direct loan, loan calculator, online loan, loan | Comments(0) December 2007

Credit card loan customers losing out

Customers are paying £500 million more than they need on credit card balances as lenders are leaving expensive debt on their cards and using payments to eat into the interest-free balances, Nationwide has warned.The vast majority of credit card providers take this route - making sure any payments a customer makes are used to pay off the loan with the lowest rate of interest, such as a zero per cent balance transfer, meaning customers continue to be charged interest on more costly debts.

Nationwide has estimated that there are 10 million credit card accounts where this practice means they are paying more than they need. “When you make a payment, they apply it to the cheapest debt first. That makes it more expensive for you and more profitable for them,” explained Nationwide executive director, Stuart Bernau.

“This is a policy that enables the banks to make half a billion pounds of profit every year - or £50 per year for every credit cardholder affected. I don’t believe that consumers really understand how they are charged interest on their credit cards,” he added.

Posted in fast cash loan, loan rate, cash loan online, credit card consolidation loan, fast loan, direct loan, online loan, loan calculator, cash loan, credit check loan, loan | Comments(0) December 2007

£27bn loaned on credit cards over Christmas

Britons are expected to spend approximately £27 billion on debit and credit cards over Christmas this year, according to the card issuers association. APACS has released advice for consumers on managing annual Christmas spending, including tips such as working out a budget, making sure you know how much you can afford to borrow, shopping online, and keeping track of what is spent.

The association also advises customers to remember their PIN code, as this is the first Christmas that the new chip and PIN system will be in operationAPACS warns shoppers to be careful with their cards as some details can still be valuable to criminals, though overall the system is far safer. Consumers should check all their receipts against statements and contact their bank immediately if they notice anything unfamiliar.

Sandra Quinn, director of communications at APACS, said: “This Christmas we expect more people to be handing over plastic than cash than ever before. We’ve moved away from cash and cheques because our cards are accepted in more places than ever before and because we know our cards are safer - particularly now that we are regularly using chip and PIN the world-leading anti-fraud measure. “It’s generally assumed that we pile on the pounds on our credit cards at Christmas but actually this season debit cards are likely to steal the show, with cardholders expected to spend approximately £15 billion on debit cards in December, compared to £12.3 billion on credit cards,” she added.

Posted in loan rate, quicken loan, calculator finance, quick loan, direct loan, online loan, personal loan, loan calculator, loan | Comments(0) November 2007

Women more likely to need personal loan in later life

Work and Pensions Minister Alan Johnson has described the state of women’s pensions as a “national scandal”, meaning they could be more likely to need a personal loan when older.Addressing the Commons work and pensions committee he noted that “only 50 per cent of women get the basic state pension”.Women are effectively punished by the current pensions system for taking time out from work, therefore national insurance contributions, to act as carers to children and the elderly and sick.

The Guardian newspaper reported that Mr Johnson had voiced support for the LibDem-proposed ‘citizen’s pension’, moving away from a strictly contributory system.Help the Aged said that this would represent the “first step in addressing the chronic poverty experienced by older women”.The charity Oxfam estimates that poverty affects one in four women compared with one in five men, with the elderly notably at risk.

Posted in personal finance, direct loan, personal loan, loan | Comments(0) November 2007

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