Debt Advice l Bank Accounts l Loans l Remortgages l Insurance l Car Finance - thinkmoney.com

1 in 5 pensioners releasing equity have credit card debt

Tue, 16 Mar 2010 12:19:14 GMT

According to research from equity release specialists Key Retirement Solutions, one in five pensioners releasing equity from their home is carrying credit card debt, averaging £9,000, the Telegraph reports. The average credit card holder aged between 65 and 69 who released money from their property in 2009 had credit card debts of £8,881, rising to £9,048 among those aged over 70.

Full article: 1 in 5 pensioners releasing equity have credit card debt
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Government announces new `commitments` on credit card debt

Mon, 15 Mar 2010 17:29:19 GMT

The Government has announced the implementation of a new set of `commitments` to help borrowers with credit card debt. The Department for Business, Innovation and Skills (BIS) has been speaking with the UK Cards Association to review the way credit card debt is managed by lenders.

Full article: Government announces new `commitments` on credit card debt
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Lloyds doubles mortgage overpayment allowance

Mon, 15 Mar 2010 17:31:30 GMT

Lloyds Banking Group is to launch a new scheme allowing its variable-rate mortgage customers to `overpay` by up to 20% without incurring any financial penalty. This is double its previous overpayment limit of 10%, and `underscores [its] commitment to help its customers gain maximum advantage from the current low rate environment`, according to the bank.

Full article: Lloyds doubles mortgage overpayment allowance
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Women `less likely to build up debt` than men

Fri, 12 Mar 2010 11:40:5 GMT

According to research by lovemoney.com, women `are better at budgeting and keeping track of their spending and are less likely to build up debt on a credit card or a loan` than men, the Daily Mail reports. The research found that fewer women than men ignore their mounting debts, pay bills late or forget to pay them altogether. And they make more of an effort to repay any debts they have, while men prefer to make the minimum payments towards their debts each month.

Full article: Women `less likely to build up debt` than men
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Cost of mortgage debt falls to six-year low

Fri, 12 Mar 2010 11:42:44 GMT

According to figures from the Bank of England (BoE), the average interest rate charged on two-year fixed-rate mortgages fell to its lowest level in six and a half years, The Independent reports. The average cost of a two-year fixed-rate mortgage fell from 3.97% in January to 3.88% in February - its lowest level since July 2003.

Full article: Cost of mortgage debt falls to six-year low
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Universities push for change in student loans system

Fri, 12 Mar 2010 16:27:7 GMT

According to an article in the Daily Mail, `top universities` are calling for middle-class student loans to be scrapped - a move that could add more than £1,000 to the annual cost of a degree course. The universities believe that the current student support system is `far too generous` and needs to be focussed on `the poorest`. In light of this, evidence has been submitted to the Government`s review of higher education funding by former BP boss Lord Browne.

Full article: Universities push for change in student loans system
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Cost of mortgage debt at six-year low

Thu, 11 Mar 2010 15:43:37 GMT

The average interest rate on a two-year fixed-rate mortgage fell to its lowest level in six-and-a-half years in February, according to the Bank of England. The average rate stood at 3.88% in February - the lowest since July 2003 - down from 3.97% in January.

Full article: Cost of mortgage debt at six-year low
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Millions `could benefit from switching bank account`

Thu, 11 Mar 2010 15:54:53 GMT

7 out of 10 Britons have not changed their main bank account since 2000, according to research from Santander, meaning they are potentially missing out on higher levels of interest. Meanwhile, 24% have switched insurance provider in the last year, while one in five have switched their gas, electricity or water supplier, according to the research.

Full article: Millions `could benefit from switching bank account`
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Number of savers `on the rise`

Tue, 9 Mar 2010 17:37:39 GMT

The number of people regularly or occasionally putting money into savings has risen again, according to Nationwide. In its Savings Index report for February, 80% of consumers described themselves as either regular or occasional savers. This is the highest figure since May 2008.

Full article: Number of savers `on the rise`
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Only one in three `confident about pension income`

Mon, 8 Mar 2010 17:34:40 GMT

Only one in three (34%) of working people believe their pension will give them a big enough income in retirement, according to new research from the National Association of Pension Funds (NAPF). The research also looked at what would make workers more likely to save into a pension. 27% said they would be more confident in saving if they could be sure they wouldn`t lose any of the money paid in. A further 26% said they would like a guarantee that their pension would not run out before they died.

Full article: Only one in three `confident about pension income`
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Homeowners urged to consider mortgage options

Mon, 8 Mar 2010 17:37:34 GMT

Homeowners could end up paying more than necessary if they rush for fixed-rate deals when the base rate begins to rise, mortgage brokers have warned. According to The Guardian, economists and mortgage market analysts are predicting a gradual rise in mortgage rates over the next couple of years.

Full article: Homeowners urged to consider mortgage options
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Second `big six` supplier cuts gas prices

Fri, 5 Mar 2010 13:22:3 GMT

Scottish and Southern Energy has announced it will cut its gas prices by 7% at the end of this month, in a move that will shave £56 off the average annual bill. On its dual fuel package, which combines gas and electricity, gas prices will be cut by 4%.

Full article: Second `big six` supplier cuts gas prices
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`Green loan` energy plan unveiled for homes

Fri, 5 Mar 2010 13:27:23 GMT

Government ministers have announced plans to encourage homeowners to make their homes warmer and cheaper to run, through the use of a `green loan`, the BBC reports. Homeowners will be offered long-term loans to pay for insulation, solar panels and other energy-efficient technology. They will then make repayments to their loan `through energy bills`.

Full article: `Green loan` energy plan unveiled for homes
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Young adults seeking parents` help with debts

Thu, 4 Mar 2010 9:36:21 GMT

Over a third (35%) of young adults are forced to borrow money from their parents to get by, according to Scottish Widows, with 38% of these using the money to pay off debt. Scottish Widows` annual Savings and Investment Report found that almost half (47%) of parents with children over 16 have given or loaned money to their adult children or grandchildren.

Full article: Young adults seeking parents` help with debts
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Economists await Bank of England base rate decision

Thu, 4 Mar 2010 9:45:2 GMT

The Bank of England`s Monetary Policy Committee (MPC) is set to announce its next base rate decision at midday today (Thursday 4th March). The base rate is widely expected to stay at 0.5%. In its latest forecast, Nationwide predicted a 95% chance of no change and a 5% chance of a 0.25% rise.

Full article: Economists await Bank of England base rate decision
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Consumers risk debt as savings levels drop over winter

Thu, 4 Mar 2010 16:2:43 GMT

According to NS&I`s Savings Survey, the amount of money people in the UK are saving has dropped to its lowest level for over two years, headlinemoney.co.uk reports, potentially putting people at risk of debt. On average, consumers are putting away 6.25% of their monthly take-home pay - a figure which has `fallen consistently since this time last year (6.48%)`, and is at its lowest level for over two years (it stood at 6.22% in summer 2007).

Full article: Consumers risk debt as savings levels drop over winter
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Over 3 million don`t know interest rate on their mortgage

Thu, 4 Mar 2010 16:9:32 GMT

According to research by Post Office Mortgages, despite the Bank of England`s base rate staying at 0.5% for a year, over three million (28% of) UK borrowers don`t know the interest rate they are being charged on their mortgage, headlinemoney.co.uk reports. Just over a third (35%) of borrowers are currently making payments towards their mortgage at their lender`s Standard Variable Rate (SVR), yet just under a third (29%) of these are unaware how much interest they are being charged.

Full article: Over 3 million don`t know interest rate on their mortgage
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New car registrations up again in February

Thu, 4 Mar 2010 17:45:43 GMT

New car registrations were up by 26.4% in February, compared with the same month in 2009, according to the Society of Motor Manufacturers and Traders (SMMT). It was the eighth consecutive month in which new car registrations had increased, which the SMMT said was largely due to the car scrappage scheme.

Full article: New car registrations up again in February
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Base rate at 0.5% for 12th month

Thu, 4 Mar 2010 17:49:27 GMT

The Bank of England has decided to keep its base rate unchanged, meaning it has now been at 0.5% for a year. The Bank originally cut the base rate to its all-time low in March last year, in an attempt to encourage higher levels of lending in the economy.

Full article: Base rate at 0.5% for 12th month
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Bad debt write-offs at `record high`

Tue, 2 Mar 2010 14:13:51 GMT

The latest figures from the Bank of England (BoE) suggest that businesses and individuals defaulted on £6.1bn worth of mortgages and loans during the final three-month period of 2009 - the highest level since 1993, when the figures were first collected in this format, the Telegraph reports. However, bad debts (debts which won`t be repaid) on credit cards and mortgages fell slightly, but there was a significant rise in the number of borrowers failing to keep up with other forms of debt, such as overdrafts and loans - with write-offs increasing by a third during the three months to the end of December to £1.36bn.

Full article: Bad debt write-offs at `record high`
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