Even though borrowing rates are at historically low levels, some credit card firms have hiked interest rates on cards aimed at their poorer consumers. Less than a month ago the Bank of England reduced base rate interest to its lowest recorded level. Despite this, one of the UK’s largest credit card providers, Capital One, has [...]
January, 2009
Clearing the Air?
Hmmmm, just when I thought things were just about as bad as they are going to get I hear that we’re in trouble because of unacceptable levels of air pollution! The European Commission has warned the UK that it has failed to meet the required standards as far as their clean air policy is concerned [...]
Above the Law
I have mentioned in previous articles my concern regarding the Government apparently placing itself above the law (the Lloyds TSB/HBOS merger, the pushing through of the approval for Runway 3 etc), now it appears that one of our greatest icons is also considered to be above the law. I am talking about none other than [...]
Minister slams debt collectors
Consumer Minister Gareth Thomas is to meet debt collection industry representatives, amid concerns of practices employed by collection agencies and that a growing number of people are being wrongly pursued. Minister Mr Thomas said:””I am increasingly concerned about some of the practices that we are hearing about used by debt collection agencies. There is often [...]
Debt to deal with debt?
Many families may be wrongly encouraged to take on more debt as a way of handling the recession, according to debt advice organisations. Debt advice charities have reported record numbers of calls from families and older people needing debt help, and who are struggling to maintain their loan repayments due to unaffordable credit commitments and [...]
Demographic Debt
I have just received the National Debtline Statistics for 2008 and it makes for some interesting reading. I often see reports talking about ‘vulnerable’ sectors of the population, the aged, the disabled, the unemployed and so on but, judging by this report, the sort of person most likely to seek debt help or debt advice [...]
Dangerous cheques push users unknowingly into debt
Many credit card companies are targeting existing customers with blank “cheques” for their accounts that could be potentially financially harmful, according to consumer group Which? and moneysupermarket.com. Increasing numbers of these credit card cheques are being sent to existing customers as lenders try to exploit the lack of available credit in the marketplace, as they [...]
Happy 4076!
Today is the first day of the year 4076 in the Chinese calendar and this year is Ji Chou, the Year of the Ox. Curiously enough the Year of the Ox represents calm, fortitude and success through hard work … quite fitting really. We need calm to weather the storm, take stock of the situation [...]
It’s official – we’re in a recession
According to government figures, the UK is now officially in recession for the first time since 1991. Official government figures have confirmed that gross domestic product (GDP) fell by 1.5% in the final quarter of 2008 following a 0.6% drop in the previous three months. Two consecutive quarters of falling economic growth is the generally [...]
A Strong, Independent Bank (2)
When, in my article of 31st October 2008, I spoke about Barclays Bank’s move to raise capital of £7.3 billion from the Middle East rather than follow the debt ridden crowd seeking government handouts, I don’t think many people (me included!) realised that, by taking that Middle Eastern capital, it would effectively prevent them from [...]
The Morning After
I have to say I am very impressed by President Obama’s inaugural speech – it seemed amazingly honest. He didn’t flinch from the fact that the good old US of A is in a bit of a sorry state at the moment, floundering on an ocean of self-induced debt, nor did he hide the fact [...]
Debt contributes to Blue Monday
According to statisticians and pessimists alike, today is allegedly to be the most depressing day of the year – Blue Monday. Based on a complex calculation combining the weather, the Christmas financial hangover, broken resolutions and job related issues amongst other factors, the third Monday of the year is when people are more unhappy than [...]
Equity Release – an Equitable Solution?
These days we seem to be hearing more and more about equity release through sell and rent back schemes. On face value it seems a reasonable option but is it really? People struggling with debt who decide to get debt help or debt advice will more often than not end up on a Debt Management [...]
On the Runway
Some time ago plans to build another runway at Manchester’s Ringway airport met with howls of protest. Before long the so called ‘eco-warriors’ were busy being as disruptive as possible and even took to living in tunnels and treehouses. Of course this was illegal and they were eventually removed. Now take a look at Heathrow [...]
‘Medium’ Roast Coffee?
Everyday somebody says something is bad for you and someone else will say it’s good for and all you want to do is just enjoy it! Take coffee, some will say it has beneficial effects (in moderation) and suggest it can prevent skin cancer and reduce nerve damage in multiple sclerosis sufferers whilst others tell [...]