Money: Credit card deals worsen amid regulator clamp down on UK households' spiralling debts - PressFrom - United Kingdom
  •   
  •   

MoneyCredit card deals worsen amid regulator clamp down on UK households' spiralling debts

18:35  25 august  2019
18:35  25 august  2019 Source:   thisismoney.co.uk

Summer house deals dip amid Brexit uncertainty

Summer house deals dip amid Brexit uncertainty Summer house deals dip amid Brexit uncertainty

Credit card deals are significantly poorer compared to this time last year as the financial regulator prepares to clamp down on spiralling debts . Those with a debt still to repay – or who are looking for cheap borrowing – will be choosing from a more limited range of deals .

Successfully paying off your credit card debt requires a hands-on approach, from determining your best payment strategy to contacting creditors to negotiate rates. Debt snowball: The snowball method of paying down your debt uses your sense of accomplishment as motivation.

Credit card deals worsen amid regulator clamp down on UK households' spiralling debts © Shutterstock Credit card deals worsen amid regulator clamp down on UK households' spiralling debts Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not represent the views of MSN or Microsoft.

Credit card deals are significantly poorer compared to this time last year as the financial regulator prepares to clamp down on spiralling debts.

Those with a debt still to repay – or who are looking for cheap borrowing – will be choosing from a more limited range of deals.

Periods of free borrowing on best-buy balance transfer cards have shortened by nearly 20 per cent in a year, according to figures compiled by data company Moneyfacts.

Universal Credit claimants told they can work as strippers

Universal Credit claimants told they can work as strippers Universal Credit claimants have been told they can work as strippers after a blunder on the Department for Work and Pensions website. In a post, which has now been removed, the government suggested the kind of "work you could do" would be "dances in adult entertainment establishments." It also suggested including "striptease artists" in "words to use in your online search". © Other The DWP post suggested including 'striptease artists' in 'words to use in your online search' And candidates would need "no formal academic entry requirements" - because "training is received typically on-the-job".

Credit card deals worsen amid regulator clamp down on UK households ' spiralling debts . Recruiter Hays set to report amid possible jobs slump while Peppa Pig owner could see counter bid. Boris must cut tax on beer to save British pubs, says top industry boss Marston's Ralph Findlay as

A regulatory clampdown on the multibillion-pound payday loan sector, including a cap on the total cost of credit , drastically reduced the number of people who had unmanageable debts from the lenders. Credit card debt has been identified as one of the main problems behind the current bubble.

Rachel Springall, finance expert for the firm, says: ‘A year ago borrowers could find deals as long as 36 months compared to just 29 months today. Borrowers will not only find shorter zero per cent balance transfer terms but will also face higher upfront costs as fees are rising.’

Credit card deals worsen amid regulator clamp down on UK households' spiralling debts © Provided by Associated Newspapers Limited A year ago borrowers could find deals as long as 36 months compared to just 29 months today In August last year, 12 best-buy cards offered zero per cent interest on debt transfers for longer than 30 months. Today, the best-buys only extend to 29 months.

Springall adds: ‘The Financial Conduct Authority’s persistent debt scrutiny led to a mass movement in offers among credit card providers, which will be disappointing for borrowers hoping for extra breathing space in repaying their debts.’

Top EU regulator Farkas to head banking lobby group

Top EU regulator Farkas to head banking lobby group One of Europe's top banking regulators is in talks to head the trade body that leads the investment banking industry's lobbying effort across the EU. Sky News has learnt that Adam Farkas, the executive director of the European Banking Authority (EBA) since 2011, is in advanced negotiations to become chief executive of the Association for Financial Markets in Europe (AFME). City sources said the appointment of Mr Farkas, a Hungarian national, could be finalised as early as this week.

People with credit card debts were also more likely to get into long-term debt The FCA is preparing fresh rules to protect consumers from spiralling debt , as it looks to crack down on The regulator is moving to force firms to contact customers with persistent debt problems after 18 months, to ask them

The regulator is also clamping down on interest-only mortgages. In recent years growing numbers of homebuyers have turned to these as a way of Some offset/flexible mortgages offer an overdraft-style facility, where borrowers can draw funds up to their credit limit. The regulator said it was concerned

The average fee among the top dozen balance transfer cards in 2018 was £63.60 for £3,000 of borrowing.

Today it is £75.43 – a near 19 per cent leap. Purchase cards are for people who want to spend money – and perhaps make one big purchase – but pay nothing on the borrowing for a set period.

Gallery: Five steps to rebuilding credit after debt settlement (Mediafeed)

It can be cheaper than a loan if the debt is cleared in time.

But those time-frames are now stingier. The average interest-free borrowing period, among the top 12 best-buys, is now 23 months compared to 28 months a year ago.

Top deals for customers with a debt to transfer come from MBNA, Halifax and Virgin Money, all offering zero per cent for 29 months.

A shorter 23-month period is available from RBS and its subsidiary NatWest, but neither charges a fee.

Explore the issues faced by the UK’s most vulnerable children and young people this summer and discover what you can do to help.

How to help your finances now the kids are going back to school.
The school holidays have come to an end and some parents may well be reeling over the costs of supplies to kit out their children for the new school term. Indeed, according to research from Mintel, back to school costs has risen from £855m to £1.2bn this year. Money experts Moneyfacts has drawn up some top tips on how consumers can improve their finances as the kids return to school.

—   Share news in the SOC. Networks

Topical videos:

usr: 0
This is interesting!