Stamp price hike will hit the most vulnerable

The recent news that the cost of a first class stamp will rocket to 60p is another blow to consumers, according to uSwitch.com

Ann Robinson, Director of Consumer Policy at uSwitch.com summed up the impact it will have on those who don’t have access to the internet, particularly the old and vulnerable:

“While people who can go online can avoid it [the price increase] to an extent, those without internet access will be forced to cough up.  It’s just another example of the financial penalties facing those who can’t go online.”

 

Source:  uSwitch.com press release 27 March 2012

New buyer interest edged up in March, says Rics

Interest in the UK housing market edged up in March according to a new survey.

The Royal Institution of Chartered Surveyors (Rics) said that, during the month, 9% more surveyors reported a rise in inquiries from potential buyers than those reporting a fall.

Rics said the warmer weather encouraged some potential buyers, while others wanted to snap up properties before a holiday from stamp duty ended.

Read the full article at bbc.co.uk

Credit Action – Debt Stats Round up (April 2012)

  • Every 4.32 minutes someone will be declared insolvent or bankrupt
  • Every 15.28 minutes a property is repossessed
  • 1,896 people were made redundant every day between November 2011 and January 2012
  • Citizens Advice Bureaux deal with 8,518 new debt problems each working day
  • The average household debt (including mortgages) is £56,058
  • 855,000 people in the UK have been unemployed for 12 months or more
  • £172,000,000 is the amount of personal interest paid in the UK on a daily basis

 

Back to school as half of savers clueless about their ISA rate

According to uSwitch.com, it is back to the classroom for savers as research reveals that over half of cash ISA savers don’t know the rate of interest they are getting.  More worryingly, almost half have never switched their ISA to get a better rate, while a quarter just use the same provider as their current account as it’s easier.

Despite their knowledge not being up to scratch, 50% of Brits intend to save into a cash ISA by April.  However, just a quarter of these will take full advantage of the ISA allowance.  This low uptake isn’t just down to a lack of money.  More than 78% don’t know what the current cash ISA limit is.

 

Source:  uSwitch.com Press Release 7 March 2012

Using technology to manage and track your pension

A survey by Friends Life has uncovered a growing demand for people to be able to use the latest technology in order to manage and track their pensions.  The survey highlighted:

  • 32% of those in work say they would be interested in the opportunity to deposit cash into their pension at an ATM
  • 59% of those in employment said they would be interested in a service which allowed you to easily check the value of your pension and expected retirement income at any time
  • 46% of 18-24 year olds and 37% of 25-34 year olds would be interested in an application that would show how spending habits are affecting savings

 

Source:  Credit Action – March 2012 edition

Cash machine use reaches new record

The use of cash machines in the UK hit a record level in 2011, with £191 billion withdrawn over the year.

ATMs were used 2.87 billion times over the year, so the average withdrawal was £67 on each visit.

One reason for the increase in use was due to the rise in the number of ATMs in the network which dispensed £5 notes.

Read the full article at bbc.co.uk