Let's Talk Money
Cuts in credit limits follow credit crunch
Posted 2007-11-20
Borrowing limits on credit cards are being cut following the global financial crisis. Even customers with good repayment records are finding that card companies are lowering their credit limits. Credit card provider Goldfish said that it had cut limits for a “small amount” of customers. The global financial crisis began with the collapse of the US sub-prime mortgage as many sub-prime customers defaulted on their mortgage payments. In turn, it materialised that many financial institutions had purchased these sub-prime debts on the money markets and were facing huge losses with the sector’s collapse. This led to an increase in the Interbank rate, the rate at which banks lend to one another. The situation has been called a “credit crunch” and has now trickled down to High Street level. More credit problems are anticipated as big losses are predicted for global financial institutions exposed to the US sub-prime market. ...
Read Cuts in credit limits follow credit crunch
-
Delicious -
Digg -
Reddit -
Facebook -
Stumbleupon
Brits to rein in credit card spending
Posted 2007-11-8
The ongoing credit crunch may lead to UK consumer s avoiding credit card expenditure over Christmas. The credit crunch has been caused by the slump in global financial markets following the collapse of the US sub-prime loans market, which led...
Read Brits to rein in credit card spending
Fall in credit card use this festive season
Posted 2007-11-2
A report has indicated that there will be a fall in credit card use this Christmas. Debt consultancy Thomas Charles polled 2000 adults and discovered that one in four planned to avoid using their credit cards this festive season. On...
Read Fall in credit card use this festive season
House of Lords rules against credit companies
Posted 2007-11-1
The House of Lords has ruled that consumers who use their cards abroad will be covered under Section 75 of the Consumer Credit Act. The ruling was made following appeals against the Act by Lloyds TSB and Tesco Personal finance were dismissed. This means that credit card purchases between £100 and £30,000 made abroad will be insured by credit card companies. Mike Naylor, Personal Finance expert at uSwitch said: “This landmark decision has finally laid to rest the issue for overseas transactions which has been rumbling on with credit card suppliers for several years. The decision to uphold it means that wherever in the world consumers use their credit card; they can enjoy the same protection as they do in the UK. This is especially important with the growth if Internet shopping where goods are often shipped to the UK from sites based overseas.” In 2006 UK consumers spent £16.4billion overseas using credit and debit cards. ...
Read House of Lords rules against credit companies
So lets talk money!
Posted 2007-10-6
Most people bury their heads in the sands of debt and don’t ever really grasp how a good understanding of their personal finances can be the path to a debt free life. Come with us on a journey into time and cash as we educate our readers as to the state of the financial world and how you can enjoy more money, more of the time. ...