Interest rates are set to hit new record low

British Interest rates are set to hit a record low by the end of the week as the Bank of England struggles with a deepening recession.

The Bank’s official rate has never dropped below the current 2 per cent in its 315 year history, but financial experts predict a cut of as much as 1 per cent by Thursday as the Britain faces up to its worst economic year since the early 1990s. Read more

Home repayments are first priority

Homeowners within the UK are no longer cashing in on the value of their properties to fund spending, latest figures show.Quarterly figures released from the Bank of England on housing equity withdrawal showed a second successive negative reading during July and September. Read more

Consumer pain looms with continued credit hikes

Millions of people are set for their biggest ever financial distresses in the new year as the squeeze on money markets hits households across the UK.

City analysts are warning that the last two weeks of November were the worst on record in the credit market as UK banks refused to lend each other money. Experts predict that this anxiety will be passed on to consumers during December in the form of steep rises in borrowing charges. Read more

The Art and Science of Saving

For most of us, putting aside a fixed amount of perfectly good money each month is hard work, but the fact is you can save, even if it’s only a small amount.

No matter what your age, gender, race or professional status, you should think of saving as a fixed monthly expense, a regular part of your budget, just like your car or mortgage payments. As a rule, you should aim to save at least 5 to 10 per cent of your pay each month. Read more

MBNA criticised over credit cash

Credit card firm MBNA has recently came under attack for encouraging its borrowers to withdraw more cash on their credit cards so they can splash out over the Christmas period.

MBNA the world’s second largest credit card provider has been sending letters to what it describes as its ‘best’ customers, announcing it has raised their credit limits

Read more

Landlords being prompted to run credit checks on tenants

As the economy falters and job losses increase, worried landlords are being advised to carry out credit checks on prospective tenants. Nearly three quarters of landlords say they expect rental arrears to be issues in 2009.

Evicting recalcitrant tenants can take up to six months and end up costing the property owner nearly £1,000. The easier option, say advisers, is to tighten up credit on prospective tenants before they move in. Read more

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