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Depending on how you use your credit card, it can be your ‘flexible friend’ or your worst enemy. For example, if you spend sensibly and always repay your monthly bill in full, then you can enjoy up to 59 days of interest-free credit, plus a yearly cashback rebate, too.
Sadly, spending on credit cards is so convenient that millions of us get carried away, building up debts that could take years (or even decades) to repay. (more…)
As we see signs of improvement in the UK mortgage market, with rates stabilising and liquidity improving, we are yet to see any significant reduction in average credit card interest rates across the UK. Indeed, “under cover of darkness” a number of credit card companies have continued to move their rates higher and introduce additional charges to try and squeeze as much money as possible from the UK consumer. (more…)
Debt advice groups are calling for urgent action over payday loans that charge extremely high interest rates.
They want the market regulator to make lenders behave responsibly, as some companies have lent money at a rate equivalent to almost 2,000% annually.
Payday loans typically involve a lender advancing a customer cash, usually for a month, against a post-dated cheque. (more…)
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