Credit card users face an additional £41m in interest charges for withdrawing cash after a so called simplification of the marketplace by the Department of Trade and Industry according to research by uSwitch.com The changes, introduced in May 2005, allow credit card providers to display a simple yearly cash withdrawal interest rate, rather than the [...]
March, 2007
Credit card providers slap consumers with extra charges
Some credit card providers have introduced major changes to the charges on their cards to boost their income after the OFT capped the fees they could charge to defaulting clients a year ago according to moneyfacts.co.uk. It says that in the last two weeks six providers have made major changes to some or all of [...]
Third of Brits taking consolidation loans are trapped by debt
Nearly a third of the 13m Brits who have taken out a consolidation loan to manage their debts feel either trapped by debt or in danger of it spiralling out of control according to research by moneysupermarket.com And 9m of the 13m consolidators admit they have subsequently run up more debt on credit card, overdrafts [...]
Interest rate rise could spell disaster for UK’s over-indebted
One of the UK’s leading debt management specialists, Chiltern Debt Management, is urging the Monetary Policy Committee to hold interest rates at their current level when it meets next week to avoid a worsening of the debt crisis in the UK. The company, which has been helping people in debt for over ten years, said [...]