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Archive for the ‘Credit Crunch’ Category

Increasingly more people feel the emotional strain of financial problems

Wednesday, July 15th, 2009

Are you getting depressed about money? BBC Online highlights comments from the counselling charity Relate who are arguing that many younger people are becoming increasingly depressed about their financial situation. Of the 15,000 young people that they see every year, about a quarter of them are depressed about money or a lack of it.

Often these money problems significantly compound other problems that young people might already face, such as marital breakdown, and can lead to further behavioural problems. Relate findings show that money problems can strain family relationships, worsen behaviour academically and damage relationships with friends.

With increasing unemployment and difficult economic conditions it is expected that this problem will be exacerbated over the next few years if the recession deepens.

Relate’s Paula Hall advises that there is a fine line between being realistic and being hopeful. Depressed realists have got to understand that ‘we aren’t going to be in a recession forever and we are still in a fairly wealthy country’.

Are cash flow problems getting you down? Well, visit us at www.247Moneybox.com and see if we can help you out with your cash problems with one of our tailored payday loans. Simply fill in one of our simple application forms and you’re one step closer to getting fast cash. Read some of our question and answers to find out more.

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Tags: Depression, Recession, Unemployment
Posted in Credit Crunch, Recession, Unemployment | No Comments »

Governmental measures to kick-start the mortgage sector show fundamental flaws

Tuesday, July 14th, 2009

How is your mortgage looking? The government is struggling to get the mortgage sector into swing as this latest attempt to get Britain out of the financial rut is being condemned as showing significant weaknesses, reports BBC Online.

The £50bn asset-backed guarantee scheme (ABS) has been criticised as ‘doomed to failure’, according to the Communities and Local Government (CLG) Committee.

Two reports from separate institutions have highlighted that UK property prices will continue to struggle to make a recovery until mortgages were more readily available.

Figures do show that mortgage lending has picked up, but the Council of Mortgage Lenders (CML) has highlighted it is still 28% lower than two years ago.

The government scheme, which was introduced in this year’s budget, provides a guarantee on lenders’ mortgage-backed securities. This allows lenders to sell on mortgages to lenders raising new money to lend to consumers.

However, MPs have highlighted that restrictions on the partaking institutions and the narrow band of loans that are actually covered has meant the scheme has limited effectiveness.

Dr Phyllis Starkey, who chairs the CLG, said that the CLG and senior officials must maintain pressure on the Treasury to bring in new measures to get the mortgage market moving. Further shortcomings have highlighted that not enough emphasis is being placed on the important rental sector.

Are you going to struggle with this month’s rent or mortgage payment? Well then you can ease the pressure by taking out one of our payday loans at www.247Moneybox.com. These are tailored to help with your specific financial problems - simply take a few minutes out to fill in an application form and you may find your cash flow problems can be quickly resolved.

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Tags: Council Of Mortgage Lenders, House Prices, Mortgages
Posted in Credit Crunch, Government, Recession | No Comments »

House prices - up or down?

Wednesday, July 8th, 2009

The latest part of the rollercoaster that is house prices comes from Halifax. Their findings show a sharp fall in house prices in June, which has partly reversed the gradual rise in house prices we’ve seen in the last couple of months, reports BBC News Online. The news contrasts with findings showing a large 2.6% increase in prices back in May.

The findings come from Halifax’s property survey. With some good news highlighting the slowing annual decrease in prices from 16.3% to 15% last month, it went on to say that there was evidence the property market is stabilising after sharp slumps since mid 2007.

Martin Ellis, Halifax’s chief lender, states that prices have ‘fallen by only 1.9% in the past three months’, the lowest quarterly decline but still a long way from those ‘green shoots’ predicted here in an earlier blog.

So why have these figures told a different story to that of Nationwide’s figures which sparked the earlier blog about a spring bounce or green shoots? Halifax, whose figures are based on a sample of its own lending, said prices had only risen once in the last four months and are still 2% lower than February. Nationwide’s findings showed that prices had risen in three of the last four months.

Overall there is hope, as undoubtedly house prices are picking up due to low interest rates. HM Revenue and Customs has shown that completed sales in May were at their highest since October 2008.

Are you struggling to keep up with rent or the utility bills? Worried that this may be the month where you might hit the rocks? Then visit us at www.247Moneybox.com, simply take a few minutes to fill in our application form for a payday loan, answer a few questions when we call you and then, if approved, you can just relax and wait for the cash to be paid into your bank account.

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Tags: House Prices, Housing, Recession
Posted in Credit Crunch, Recession | 1 Comment »

Beware of cuts in the minimum repayment level

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. Some 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 for every £1 saved. So more doom and gloom is being spelled out by industry analysts. Meanwhile, debt counselling services have reported record numbers of people seeking advice after being made redundant.

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 based on ‘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.

Are you struggling to pay off credit card debts? Are you going to struggle to pay off your final instalment? Then you might consider taking out one of our payday loans at www.247Moneybox.com. If you need cash to tide you over until your next paycheque, then take a few minutes to fill out our application form, and, if approved, you will receive a cash loan that will relieve the stress of paying back bills on time.

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Tags: Barclaycard, Credit Cards, Recession, Unemployment
Posted in Credit Card, Credit Crunch, Payday Loans | No Comments »

Pension time bomb … have you done everything you wanted before you retire?

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 2 million fewer people on final salary pensions schemes; this has, according to the Trades Union Congress and Office of National Statistics, led to a cut in pension contributions - from £7.77bn to £3.24bn. The reduction has even led to some commentators, such as 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, and 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 strongly, 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.

Do you think you will struggle to do those once in a lifetime opportunities when you retire? Don’t let your current money problems hamper your dreams; visit us at www.247Moneybox.com and see if we can help with a payday loan. The online application takes only a few minutes to fill out, and you may be on your way to getting that bit of extra cash you need.

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Tags: Pensions, Recession, Trade Union
Posted in Credit Crunch, Government | No Comments »

Households feel the heat as energy bills soar

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 nearly fourfold in comparison to what we are paying today. Uswitch has shown this by extrapolating trends in energy prices, as well as adding Britain’s investment in energy supplies over the next 15 years which 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 has even shown this fall to be as great as 50% since August last year, yet we have only seen a fall of 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 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?

Are you going to struggle with this month’s bills? Why not visit us at www.247Moneybox.com and see if we can help restore your peace of mind. Simply fill in an online application form and you may be one step closer to getting a cash loan to help you cover your costs this month.

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Tags: Bills, Energy, Inflation, Recession
Posted in Credit Crunch, Government, Inflation, Payday Loans | No Comments »

Number of repossessions overestimated but still rising

Monday, June 22nd, 2009

Some relatively good news from the world of property repossession, BBC News Online has led with an article saying 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 number 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 overall by 50% in the last three months.

Even with the recalculation the CML states there are still no signs of a ‘robust recovery’, and attributes the repossession reduction 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 government’s schemes, has said that they have allowed people to get in touch with their lenders and subsequently get 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.

This is where www.247Moneybox.com can help! If you’re in need of extra cash to deal with short-term cash flow problems, then our new online loans may be for you.

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Tags: CML, Mortgages, Payday Loan, Recession, Repossession
Posted in Credit Crunch, Recession | No Comments »

That’s another fine mess you’ve got us into!

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 on 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 downright 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 www.247Moneybox.com are committed to looking at each and every case on its merits and helping out where we can. We appreciate that just because it’s tough out there for all of us, it’s not the time to reign in on 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 cash flow. Our payday loan service is quick and professional and you could be on your way to a short-term payday cash advance very quickly.

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Tags: Bailout, Banks, Lending, Online Loans, Treasury Select Committee
Posted in Credit Crunch, Government, Recession | No Comments »

A budget can help you keep on track in these ‘crunching’ times

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 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 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 (of which there could be several 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 payday loand from 247Moneybox can help. A fast loan from us is easy and straightforward and cash can be advanced very quickly. 247Moneybox.com provides you with quick and easy online loans.

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Tags: Budget, Inflation, Loan, Online Loan, Savings
Posted in Credit Crunch, Inflation | No Comments »

Food shopping habits change with the times

Thursday, January 29th, 2009

An interesting article in The Guardian caught our attention in the 247Moneybox.com office. Andy Clarke, chief operating officer of Asda, says the recession has changed the way people shop throughout the month: ‘When they have just been paid, they buy steak. By the middle of the month, when money gets a bit short, they switch to mince.’

We thought it worthwhile including an extract here for your information:

Clarke says Asda started to sense that the economic winds were growing chillier last summer. ‘Ready meals are down 50%, but raw ingredients are up by a matching amount. There is a move away from premium brands to private labels, a decline in sales of still bottled water, but hair colourants are up 60% because women are having their hair done less often. Childrenswear is performing well because the last thing consumers will give up is new clothes for their kids.’

A few questions are raised here - what about those who can’t stretch their paycheque until their next pay date? What do they eat? At www.247Moneybox.com, our aim is to help out with cash advances - used responsibly, these can be the answer to immediate financial needs and cashflow problems. Obviously finding the cash for food shopping is an immediate financial need. Short-term loans from 247Moneybox.com are a fast and easy way to get the payday cash advance you need, when you need it most.

Visit our website and find out just how easy it is to apply and, once approved, how quickly you can receive your cash loan.

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