Balance transfer customers are missing payments and adding to their debt

TotallyMoney.com has released the findings of their latest research which claims that 25% of the total number of people who went after cheap balance-transfer credit cards, have missed at least one monthly payment in the past year. In most of these cases, they have to pay an interest fee of around 20% per year, in addition to their already debts.

The research was conducted after Barclaycard

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Troubles ahead for those with interest-only mortgages

The Financial Conduct Authority, which is the regulator of borrowing, has reported that 50% of the 2.6million interest-only borrowers will have difficulty in clearing their loans following a shortfall of about £71,000. Many people believe it is just a matter of time before this “ticking time bomb” explodes.

The changes are becoming urgent and mortgage lenders are reiterating their position to their borrowers to take some

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Card fraud at its highest since 2009

According to figures released by Financial Fraud Action, card fraud has hit its highest half year record since 2009 with £216 million having been lost through credit and debit cards from Jan-June 2013. This year’s figure is 17% higher than what was recorded in same period in 2012.

The 3 million people who fall victim to different scams every year is just a representation of what

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Management applications for personal finances more readily available than ever

There’s an abundance of management applications for personal finances available, from Simple, a bank linked, real-time app to keep track of outgoings and incomings (unfortunately only in the US) to Dollarbird, an ultra-smart calendar app tracking expenses and income.

The new app on the block is Level which is quite similar to Simple. It links to your accounts and gives real-time metrics on spending and income

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Phase 2 of the government’s home loan guarantee scheme is up and running

The government increased the home loan guarantee scheme in the second phase and has revealed it to the public with something of a fanfare. At last, the home loan companies will be offering their products to Joe public.

Phase two has been planned in such a way so that small investors can easily buy a real estate property at lower prices than current rates. The purpose

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Despite fall inflation still higher that government target

Though the rate of inflation has been falling and presently stands at 2.7%, it is still higher than the target of 2% that the government has in its mind. This is why middle class is still feeling the heat of inflation with those dependent upon their pensions being the hardest hit as they have small incomes to make ends meet. Peter Tutton, a member of

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Government start to claw back child benefit payments

It was announced by the government in its last budget that it intends to recover some of the child benefit it has been giving to lower income families. The entire child benefit will be recovered in cases where one of the partners earns more than £60000 per annum.

The new proposal, called High Income Child Benefit Charge (HICBC), came into effect from January this year. Those

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Families can easily save £100 on this years summer holiday by knowing where to look

By simply avoiding holiday spending traps, families will be able to save as much as 100 pounds this summer. A wide range of excess fees can be due to shopping and meal out during a trip abroad. The total amount varies depending on the type of financial medium you use such as cash, debit, or credit card. As you know, different banks impose different charges

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The big debate over whether students should have a credit card rumbles on

Should students today own a credit card? This is actually one of the biggest financial questions that parents and students face. In the 21st century, credit card has significantly affected the life of many people. We basically use credit card in shopping online or even paying bills. For a student who will be heading off to the university, having a credit card is just normal.

Vincent

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Rising prices make the poorest in Britain even poorer

A new report has revealed that Britain’s poorest households are paying 10p more in every £1 for everyday goods and services. A study found that the poor are harder hit by rising prices and low income families are unable to pay through direct debit or online and need credit and pre-payment meters for utility bills.

The report, compiled by Rowntree Foundation and Consumer Futures, admits that

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