Archive for the ‘credit crunch’ Category
Monday, July 6th, 2009
Are you one of those who will see a cut in the minimum repayment on your credit card? Times online reports that Barclaycard, the largest issuer of credit cards, said the changes will take effect from next month. 12 million people will enjoy the level falling from 2.25% to 1.5%. Beware though; the bank’s act of ‘generosity’ will actually make you pay back more in the long run.
The announcement follows figures showing that £2.7 billion of new debt has been shouldered by the UK economy in just the first quarter of this year. Savings, on the other hand, have hit an all time low of 14 billion according to Unbiased.co.uk. This equates to 19p borrowed of every £1 saved. So more doom and gloom being spelled out by industry analysts. Debt counselling services have reported record numbers of people seeking advice following unemployment.
You would think that the cutting of minimum repayment levels is seen as a generous act by credit card companies. However, Martin Lewis from moneysavingexpert, states that their existence at all is actually ‘keeping customers perpetually in debt’. By paying less back there is a greater amount still owed to the company therefore the rates charged will increase the amount of interest that will need to be paid back when the loan is finally paid off.
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Tags: barclaycard, credit cards, recession, Unemployment
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Wednesday, July 1st, 2009
Many of you may already know about rising costs from personal experience, however, the Joseph Rowntree Foundation has officially highlighted that the cost of living is rising faster than average prices for many people, according to BBC news.
Costs for many households have risen sharply, in particular in the lowest income bracket where 1 in 4 are living below minimum income levels as stipulated by the Rowntree Foundation. The costs for a single family on a low income budget are up by 5.3%, pensioners and parents also faced 5% increases as well. The reason behind this the foundation has highlighted is that low income consumers spend more as a proportion of their income on the price sky rockets of fuel, food and public transport.
Rowntree created the benchmark of the minimum income level as that of which people have a ‘socially acceptable standard of living’, also that people has ‘what they need in order to have the opportunities and choice to participate in full in society’.
However, the issue of how you define poverty is a contentious one. In particular as Rowntree has highlighted, during the recession poverty has actually gone down. This is due to the Government pegging poverty as living below 60% of national average earnings, however, obviously earnings have taken a hit, in fact it has stopped growing completely this year, while benefits uptake have increased by 5%. This has all lead to fewer classed as in poverty. The report will also tie in with the Government’s bill which will make the goal to halve child poverty by 2020 law.
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Tags: Add new tag, costs of living, inflation, joseph rowntree foundation, recession
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Tuesday, June 30th, 2009
Tough news about pensions today as employers attempt to defuse the pension time bomb through closing their final salary pension scheme. This could lead to a saving of £4.5bn a year, according to BBC Online.
According to MGM Advantage there are two million less on final salary pensions schemes, this has, according to the Trade Union Congress and Office of National Statistics, lead to a cut in pension contribution from £7.77bn to £3.24bn. The reduction has even led to some commentators like Aston Goodey suggesting that the final salary pension is nearing ‘extinction’.
These measures have been labelled by TUC member Brendan Barber as ‘slash and burn’ techniques, that a ‘populist and misleading campaign’ was being run, which was waging war against public sector pensions.
Findings by the ONS show that contributions to non-state pension schemes have been growing strong, standing at £85.2bn, although only up on 2006 by 2%, contributions by employers to their funded occupational pension schemes dropped slightly from £38.7bn to £37bn.
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Tags: pensions, recession, trade union
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Monday, June 29th, 2009
We’re lucky that this summer is shaping up nicely as we are facing bleak news that energy prices will be expected to soar to nearly £5,000 by 2020, Times Online reports. The cause? A billion-pound investment programme.
Results from price comparison site Uswitch predict prices to go up by nearly four times in comparison to what we are paying today. Uswitch has shown this from extrapolating trends in energy prices and added to this Britain’s investment in energy supplies over the next 15 years will add another £548 a year to household bills.
Consumers will be further angered by the fact that energy companies have prevented falls in the price of gas reaching consumers. Theenergyshop.com have even shown this fall to be as great as 50% since August last year, we however, have only seen a fall by 5% in domestic bills. Only a further 10-15% could be justified.
The investment programme put forward will promise £234 billion in energy, £112.5 billion in renewable energy generation, £13bn on roll-out smart meters and £16bn on reducing carbon emissions. Now is the time to really see Britain’s opinions about global warming, the talk the world has done on the importance of climate change and the various agreements at Kyoto etc. will pale in comparison to the importance of whether Britons will accept shouldering the burden of sustainable development. Everyone seems to be very positive about dealing with global warming but will people put their money where their mouth is?
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Tags: bills, energy, inflation, recession
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Monday, June 22nd, 2009
Some relatively good news from the world of property repossession, BBC News Online has led with an article stipulating that predictions for repossessions for the rest of 2009 have been overestimated, but they do still remain high. The Council of Mortgage Lenders (CML) had originally predicted the amount of repossessions at 75,000 in last December; however, latest findings have put the level of repossessions closer to 65,000 a drop of at least 10,000. Despite this the level of repossessions has gone up by 50% in the last three months.
Even with the recalculation the CML states there are still no signs of a ‘robust recovery’, and puts the repossession reduction down to a number of factors not really related to the health of the economy. First of all the reduction in interest rates, from 5% in October 2008 to 0.5% now, has alleviated homeowners from steep mortgage payments. In court advice schemes have, according to the Housing Minister John Healey, prevented 4 out of 5 repossessions in court. Finally not-for-profit organisations are soon to be piloting a £285m scheme to buy homes and affordably rent them out to struggling homeowners. The CML, short of endorsing the governmental schemes has stipulated that they have allowed people to get into touch with their lenders and subsequently getting help.
However, the CML highlight that job losses and reduced bonuses have made meeting payments extremely difficult. The CML predicts that these will get worse as the recession continues and predicts that 428,000 may get into arrears on their home loans.
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Tags: CML, mortgages, payday loan, recession, Repossession
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Friday, May 1st, 2009
Our favourite soap opera that is the Treasury select committee, in its second report on the crisis, states the blame lies largely by the banks’ own reckless behaviour.
“Bankers have made an astonishing mess of the financial system,” said committee chairman John McFall.
The BBC article goes on to outline the disparity between the banks’ assurances that they are lending again especially to small businesses and anecdotal evidence from disgruntled customers who are finding it increasingly hard to get credit.
It seems down right outrageous that the banks are putting their profit margins and shareholders’ interest first and the needs of their customers second. After taking billions in public bailout funds, almost all banks have tightened their lending criteria and honest customers who in more normal times would have no problem getting credit are being turned away.
In such tough economic times we here at 24/7 Moneybox are committed to looking at each and every case on its merits and helping out where we can. We appreciate that just because its tough out there for all of us its not the time to reign in on the vital recession busting tools such as consumer credit.
Our innovative online loans can help bridge the gap in your finances during the month and smooth out your household’s cashflow. Our payday loan service is quick and professional and you could be on your way to a short term payday cash advance in minutes.
Tags: bailout, banks, Lending, online loans, Treasury select committee
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Thursday, March 19th, 2009
Financial Services Authority boss Lord Turner released his 122 page review today but just how much will be implemented and will it stop a financial meltdown happening again?
The ideas are part of a radical package of proposals set out by the FSA supremo to prevent a repeat of the current credit crunch. Quoting Lord Turner from a Sun article: “We need to make the banking system a shock absorber in the economy — not a shock amplifier.”
Other proposals include: forcing the banks to hold more cash in reserve, the introduction of a European-wide regulatory regime, changing bonus structures and cutting out the jargon from complex investment products. The latter particularly irked the peer referring to them as “alphabet soup”.
He told Sun City: “If we had this regime in place ten years ago around the world we would not have the problems we are now seeing. This regime would prevent the credit crunch from happening again.”
All good news we think in the 24/7 Moneybox office however, as with all regulation it’s a very fine balancing act. Too much red tape will strangle our fragile economy and could actually make the recession last longer. Lord Turner’s proposals also highlight the needed for responsible lending something we take very seriously indeed. When you apply for our short term loans we want you to be sure you have thought ahead and can afford the repayment. Check out our lending guide if you need some assistance.
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Tags: credit crunch, financial meltdown, FSA, Lord Turner
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Wednesday, March 11th, 2009
With all the doom and gloom about financially speaking at least this BBC article makes us feel a little better. Nice to know all those mega rich folk are sharing the pain with the rest of us. Life is not easy at the best of times and help is sometimes required. The google boys topped the list which is probably as expected but poor old Mark Zuckerberg the founder of facebook who dropped off the Forbes top ten list after heading up the table last year. Perhaps we should send him a nice email offering our services? Somehow I think he has enough to get by on!
However what if you don’t? What if you know you are getting paid but that is a few weeks or days away – what then? This happens to all of us and is irrespective of income. Some of our customers are very well off indeed but cold hard cash has run out at that particular point and an unexpected emergency expense crops up. What then? Sell the family silver? Great uncle Monty wouldn’t be best pleased especially if some cash was coming in just round the corner and the legacy silver that had been in the family for years was languishing on ebay!
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Tags: BBC, cash loan, ebay, facebook, google, loans, Mark Zuckerberg, online lenders, payday loan no faxing, payday loans no credit check
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Friday, February 27th, 2009
The pound has tumbled to a record low against the euro. Quoting from the Business Standard article:
“European Union officials are concerned that the pound’s slide to a record low against the euro could destabilise the British economy, according to a document prepared last month by European Commission and EU finance ministry officials.”
“The pound’s “very rapid” drop “raises questions about the financial stability of the British economy,” said the document, which was prepared ahead of the February 14 Group of Seven meeting in Rome and obtained by Bloomberg News. The currency’s weakness “is a source of concern for the euro area.”
“The report contradicts Prime Minister Gordon Brown’s argument on February 13 that a weaker currency helps rather than hinders the economy.”
“With the pound down 18 per cent against the euro in the past year, it also underscores investors’ concern about Britain’s fiscal health as the government racks up debt to fund bank bailouts.”
Not great news for businesses that import goods and services into the UK from Europe which will ultimately hit you in the pocket as business costs increase. A further blow is when you take your holiday’s this year be that the ski trip to the French alps or sun in Ibiza.
Changing your money up at the bureau de change is going to leave you with a lot less euros than last year. That’s going to make your hard earned holiday cash a little more tight than expected. That’s where a payday loan from 24/7 Moneybox can help give you that little bit extra on holiday this year. A fast loan from us is easy and straightforward and cash can be advanced almost instantly!
Tags: euro, European Union, fast loan, Gordon Brown, holiday, Ibiza
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Monday, February 16th, 2009
Inflation may not be the beast it once was but it’s still significant given the current Bank of England base rate and certainly savers around the country are feeling the pinch. With the cost of living still stubbornly high the last thing needed is to see the value of your savings being slowly eroded. Check out this BBC article which details how “PI inflation has now fallen for four months in a row from a high of 5.2% in September, driven down by falls in energy costs and fuel prices.”
There’s never been a better time to get your finances in order and it’s not something to keep putting off. The best way to go about this we have found is to grab a pen and make a list of your income and all your outgoings – essentially a household budget. Once you have done this analyse the balance and your outgoings in particular. This can help you work out if you can make savings anywhere - either to free up your cash flow, help reduce any outstanding debt or simply to keep for a rainy day which there could be a few for the next few months.
It’s a great way to get a clear picture of where you stand and can maybe highlight the lumpy nature of your household’s cash flow – i.e. peaking at the end of the month and falling away. If this is the case a loan from 24/7 moneybox can help. A fast loan from us is easy and straightforward and cash can be advanced almost instantly! 24/7 Moneybox provides you with quick and easy online loans.
Tags: budget, inflation, loan, online loan, savings
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