May 2012 Archive

UK & US yields at record lows as investors flee to safe havens

Spain and Italy sink further into the euro debt crisis mire

UK, US and German borrowing costs reach record lows as investors flee to safe havens and the euro slides to a two-year low against the dollar as Spain and Italy sink deeper into the euro mire.

Brits pay down credit cards at fastest rate for five years

Mortgage approvals increased slightly in April, reports the Bank of England

The Bank of England reports that mortgage approvals rose slightly in April and that UK consumers repaid credit card bills at the fastest rate in five years.

Tesco reduce rates on personal loans

Tesco Bank has announced a reduction in personal loan rates

Tesco Bank has announced reductions on their personal loan products valued between £5,000 and £25,000 taking the three loan strands close to or to the top of the best-buy tables.

Government unveils start-up loans for young entrepreneurs

Former 'Dragon' James Caan to chair funding body

The Government has today launched a £82.5 million loans programme for 18 to 24 year olds who want to set up their own business.

'Free' banking costs UK customers "£9bn a year"

Bailey in call to scrap free current accounts

The Chairman of the Treasury Select Committee, Andrew Tyrie MP says regulators should "remove obstacles stopping banks from charging."

IMF's Lagarde says no relaxing of IMF terms on Greek bailout

The head of the International Monetary Fund (IMF), Christine Lagarde has warned the Greek people that they must "help themselves", pay more taxes and pay for the good times.

Bank card phone scam on the increase

A new type of fraud, where people are telephoned by fraudsters and duped into revealing their PIN and handing over their bank card to a courier, is on the rise.

Payday lenders sign up to voluntary guidelines

Payday loan companies have pledged to improve transparency and better protect vulnerable borrowers, the Government has announced.

Catalogue debt on the increase, warns money advice charity

A UK debt helpline received more calls from consumers struggling with catalogue debts than with rent, mortgages or payday loans, it has emerged.

Bank of England minutes hint that more QE is likely

Bank's MPC members 'finely balanced' on QE

Bank of England policy makers have hinted that some of their members were on the verge of voting to increase quantitative easing (QE).

Public sector net borrowing surplus due to Royal Mail windfall

Public borrowing figures boosted by Royal Mail sum

The UK’s public finances recorded a record surplus in April, but it was due to a £28 billion transfer in from the Royal Mail's pension assets latest figures reveal.

Brits ‘caught in payday loans downward spiral of debt trap'

Which? warns over payday loan 'debt trap'

Consumers relying on payday loans are getting trapped in a downward spiral of debt caused by exorbitant penalty charges, new research reveals.

Moneyline wins responsible lender of the year award

Moneyline, the Blackburn-based social business that lends money to customers largely sidelined by banks, has been named Responsible Lender of the Year.

UK trade deficit narrows helped by non-EU exports

Non-EU exports helped the UK to narrow its trading gap in March

Official data from the Office for National Statistics showed exports to the US, China and Russia helped the UK narrow its trading gap between imports and exports in March.

Boom years under Labour fuelled by household debt and borrowing

A new report says that low income families over-borrowed in the run up to the financial crisis

A new report from the National Institute of Economic and Social Research (NIESR) says that the economic boom of the new Labour years was fuelled by overborrowing.

‘Consider the long term rate’ when it comes to credit cards

Are long term rates better than special offers?

The number of credit cards offering a standard long term APR has fallen by 35 per cent over the past five years, according to new research.

Sainsbury’s promises to beat competitors’ personal loan rates

Sainsbury's unveils loan price promise guarantee

Sainsbury’s has pledged to beat rivals’ lending rates for customers who successfully apply for a standard personal loan with the supermarket bank.

Wonga to launch loans for small businesses

Payday lender Wonga is entering the business loans market, offering up to £10,000 after an application process taking just 15 minutes.

11 great credit cards that cover all types of spending

What credit card should you have in your wallet?

We present the best credit cards for different types of use. From balance transfer and zero interest cards to cashback and low interest credit cards, find the right one for you.

Insolvency figures hide true picture of debt in the UK

The Insolvency Service reported a rise in bankruptcies in the first quarter of 2012

There was a rise in bankruptcies in the first quarter of 2012 but personal insolvencies declined, according to the Insolvency Service but experts believe the true picture may be distorted.

Eurozone unemployment up by almost 500,000 in three months

Unemployment in the eurozone has increased by 493,000 in just three months

169,000 people in the 17 countries of the eurozone lost their jobs in March taking the total in the first quarter of 2012 to 493,000 fuelling concerns of an escalation of the euro debt crisis.

Sainsbury’s Bank offers best buy personal loan at 5.9%

Sainsbury's tops best buy personal loan table

Sainsbury’s Bank has leapt to the top of the best buy tables with a personal loan at 5.9 per cent – the lowest rate offered by lenders for almost five years.