Sky-High Interest Rates On Store Cards
November 16, 2007 | Leave a Comment
The interest rate on nearly half of all store cards has reached 25% as the credit crunch squeezes even tighter. This has reached such a high level that the Competition Commission has indicated that customers need a “wealth warning†to be shown on their monthly bills.
Mortgages And Loans Are Still Easy To Get
November 15, 2007 | Leave a Comment
Recent reports of credit card applications being turned away in huge numbers have not been official figures, but have been the results of various surveys. However, banks, mortgage providers and credit card companies are denying that they have actually tightened their lending criteria in the last few months.
Northern Rock Mortgages Take A Dive
November 14, 2007 | Leave a Comment
It should probably come as no surprise that mortgage lending by Northern Rock has taken a nosedive since it hit the headlines for having to go cap in hand to the Bank of England for extra funds in September. The bank has seen an 80% fall in mortgage lending as it has deliberately tried to slow down lending to reduce the effects of its crisis. Maybe it has gone too far.
Credit Card Companies Now Liable For Overseas Purchase Failures
November 13, 2007 | Leave a Comment
One of the nice features of credit cards is that you are protected if you buy something for over £100 and something goes wrong with the purchase. Any liability on the supplier’s part is shared with the credit card, protecting you, the consumer.
Bank Holds Interest Rate Again
November 12, 2007 | Leave a Comment
Interest rates have been kept on hold at 5.75% in November by the Bank of England. The nine-person Monetary Policy Committee (MPC) held the rate in the face of mounting pressure to reduce it by a quarter of a percent. The rate has now been at 5.75% since July.