Payplan have released an infographic showing what the public’s perceptions of debt are and how this sits in comparison to the reality. It is very clear to see that reality of debt is far from the thoughts of many people:
Credit card use fell last year as people turned to cash and debit cards to avoid borrowing, shopkeepers say.
The British Retail Consortium (BRC) which represents 90% of the UK’s stores, say transactions involving credit cards dropped 12.9%
Qualifying for a mortgage can be a complicated affair and some first-time buyers may find it daunting. It is important to choose the correct lender and not to pay a higher rate than necessary.
By getting to know the process of how a mortgage works and what is required by the lenders, it is possible to secure a lower interest rate and to increase the chances of being accepted for an appropriately sized loan.
A recent BBC article outlined the key tips for getting a mortgage:
The Moneybasics Spendometer from Credit Action makes day to day budgeting simple and practical.
As one in four Brits have no idea how much they spend in a week, a budgeting tool that is accessible and easy to use is vital.
The Moneybasics Spendometer allows you to:
According to the financial information service Moneyfacts, interest rates on new mortgage deals have fallen to their lowest level since 1988.
It says this is due to lenders finding it cheaper to raise funds in the financial markets. However, most mortgage deals still require buyers to put down at least 20% deposit.
Until recently, a rate rise had been expected as soon as September but following a set of weak economic data, as well as the decision by a new member of the Bank’s rate-setting committee to vote for no change in rates, markets now do not expect a rate rise until well into next year.
Gazumping is pushing up rents in England and Wales as the average cost to tenants reached £696 in May, according to a survey.
Rising tenant demand has led to some offering above the asking price to rent a home, LSL Property Services said.
The average cost of renting a home has risen for four consecutive months, its analysis suggested.
But more than one in 10 tenants in the UK missed or were late paying their rent in May, it also found.