Personal Finance News

26 Nov

How will you finance your 2014 Christmas spend?

With less than four weeks until Christmas, if you’re thinking of taking out a new credit card to help ease the festive financial burden, you’ll need to get your skates on. We’re not advocating that you should go on a shopping binge and then worry about paying for it later, but if as for many […]

26 Nov

Regulator concerned that credit card deals are too complex

The Financial Conduct Authority (FCA) is to take a closer look at the credit card market as it feels that it isn’t working in the best interests of all customers. More than 30 million people in the UK have a credit card but the regulator is worried that products are too complicated and that there’s […]

26 Nov

Cyber-attacks becoming a growing problem for smartphone users

According to a new report from Experian Cyber phishing emails and other forms of cyber-attack are becoming more prevalent as people rely more on the latest smartphones. The real worry is that many consumers are vulnerable to internet criminals with 60% of smartphone users and almost half of tablet users admit to not having any […]

14 Nov

More customers turning to online banking

A new report shows that an extra four million adults are interested in carrying out their banking online for the first time Statistics released this week by the Payments Council found 70% of people who could use online banking to run their main account already do so, while a further one in ten would be […]

14 Nov

New charges cap on payday loans

A limit has been introduced; restricting the amount payday lenders can charge borrowers from January. The Financial Conduct Authority (FCA) has stated that Interest rates will be capped at 0.8% of the amount borrowed per day and that no customers will have to pay back more than double the sum they borrowed. In addition to […]

14 Nov

New low rate Credit Cards from Lloyds Bank and the Co-operative Bank

Two new long term low rate cards were launched this week from Lloyds Bank (Platinum) at 6.4% APR variable and The Co-operative Bank with 6.9% APR fixed for three years. Andrew Hagger, personal finance analyst said: “If you’ve got a card in your wallet that charges a low standard interest rate, there’s less financial impact […]

14 Nov

First Time Buyers facing higher mortgage costs

The cost of finance for customers with smaller deposits has hit a new high, according to a new report. The research from Genworth  shows that the cost of mortgages between 75 and 95 per cent loan-to-value (LTV) is at a nine year high as banks charge first time buyers and those with a small equity […]

20 Oct

Clampdown On Payday Lenders Continues

Last week the Competition and Markets Authority (CMA) announced a series of proposals to drive down the costs and improve the transparency of charges for payday loans customers. The plans include forcing lenders to provide details of their products on accredited comparison websites thus making it easier for new entrants to compete. It is hoped […]

17 Oct

New Improved Pension Rules For Over 55’s From April 2015

The government has said it will simplify pension rules so that over-55s will be able to draw tax-free sums from their pension when it suits them. Under the existing rules, from the age of 55 people can take a 25% tax-free lump sum, but from April, you will no longer have to draw the whole […]