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- Credit card debt overtaken by secured borrowing
Recent data has shown that credit card spending in the UK has been overtaken with secured borrowing, with more and more people opting to borrow money secured against their homes in order to enjoy lower interest rates than on costly credit cards where the interest rates can be extortionate. [26.02.07]
- Office of Fair Trading extends interchange charge investigation to debit cards
It was announced today that the Office of Fair Trading is now extending its investigation into interchange fees relating to Mastercard and Visa credit cards to include debit cards as well. [26.02.07]
- Banks defend accusation of failing to carry out credit checks
A recent report claimed that banks were failing to carry out adequate credit and financial checks on those applying for finance such as credit cards. [24.02.07]
- Customers could be charged for having credit balance on credit card
In a new move the MBNA bank has announced that it may be charging consumers that have one of its credit cards and have a positive or credit balance on the card. [23.02.07]
- Credit card fraud affect the UK the most
According to recent reports the UK is the hardest hit of all of the European destinations when it comes to credit card fraud. [23.02.07]
- Finance company fined over PPI
Another company has been fined over the mis-selling of payment protection insurance, with a fine of one hundred and seventy five thousand pounds being enforced by the Financial Services Authority. [21.02.07]
- Barclaycard tackles errant cardholders in the UK
Having written off a record £1.57 billion in 2006, Barclaycard is setting in motion a series of steps it hopes will tackle the growing problem among its cardholders to repay their credit card debt. [20.02.07]
- Possible compensation for store card holders
The recent hefty fines charged by the Financial Services Authority to GE Capital means that many people could now be entitled to refunds or compensation if they spend on one of a range of major store cards in the UK.
- Brits lose £3.5 billion a year to scams
According to the Office of Fair Trading (OFT), consumers in the UK lose £3.5 billion each year to increasingly sophisticated techniques used by scammers. That equivalent to about £70 per adult in the UK. [16.02.07]
- More people will retire in rented accommodation
According to a report that was released earlier this week a large number of people that were expecting to retire in their own homes once they reached retirement age will actually end up retiring in rented accommodation. [06.02.07]
- Debit card spending more popular than credit cards over Christmas
Recent figures released by the UK payments association, Apacs, has shown that over the festive period spending on debit cards proved far more popular than spending on credit cards [06.02.07]
- UK borrowers could be wasting billions on borrowing due to lack of understanding
A recent study has indicated that UK consumers could be wasting millions of pounds every year on their borrowing, simply because of a combination of apathy and lack of understanding when it comes to interest rates and APR (annual percentage rates).
- Egg to be purchased by Citigroup
The UK's online banking giant Egg, owned by Prudential, is to be purchased by Citigroup, which has made a recent announcement confirming that the purchase of Egg Banking is set to go ahead for a reported price of five hundred and seventy five millions pounds. [01.02.07]
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