Credit Cards Articles
Understanding credit cards: Balance transfer vs money transfer
2nd May 2018You may already know that shifting credit card debt from a high interest card over to a low interest one can save you a significant amount of money. But do you know the difference between a balance transfer and a money transfer? Here is our handy guide to both processes and some top tips to […]
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What is a ‘soft search’ and how can this increase your chances of a successful balance transfer?
10th January 2018If you have credit card debt which is attracting a high level of interest, moving this balance onto a lower interest card could save you a considerable amount of money. This process is known as a ‘balance transfer’, and if done correctly, this could save you money and also reduce the time it takes you […]
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Teenage Brits ‘Being Tempted into a Life of Debt’
4th January 2018Many thousands of young Brits are being actively encouraged towards taking on debt and spending borrowed money even before they reach their 18th birthdays. That’s according to the price comparison website comparethemarket.com, whose research suggests that roughly one in four 16 and 17 year olds in the UK have been offered credit cards or asked […]
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Charity Slams Credit Card Firms for Lifting Limits for Struggling Debtors
30th August 2017Citizens Advice has issued stern criticism of credit card companies for automatically increasing borrowing limits for customers who are already struggling with debt problems they can’t escape from. The charity’s own research has found that almost one in five people who are grappling with credit card debt problems have had their borrowing limits increased without […]
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High Cost Credit ‘Hurting Over a Million Vulnerable Brits’
27th July 2017A lack of access to affordable credit is making life more and more difficult for many thousands of UK consumers and households. That’s according to the debt help charity StepChange, which has published a report arguing that there should be more government support for people who are struggling to make ends meet. The charity’s latest […]
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Excessive Borrowing Raising Concerns at the Bank of England
25th July 2017The scale of consumer borrowing around the UK is a cause for concern for economists and should be more of worry than currently seems to be the case for lenders, according to an official from the Bank of England. Alex Brazier, who is director of financial stability at the bank, addressed an audience recently in […]
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Credit Card and Personal Loan Defaults Up Sharply in Q2
14th July 2017The number of British consumers who defaulted on their credit card debts or their personal loans increased sharply in the three months to the end of June. According to the Bank of England, the number of instances of defaults reported by lenders “increased significantly” during the second quarter of the year. In fact, the jump […]
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1 in 3 Brits Turning to Credit to Cover the Cost of Christmas
15th December 2016As many as a third of all British consumers are turning to credit to cover their costs this Christmas, according to a recent survey. That figure equates to around 16.5 million people who are adding to their debts during the festive period. For many people, taking on extra credit over Christmas won’t cause any real […]
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UK’s Credit Card Debts Reach Record High
1st December 2016The scale of credit card debt being carried collectively by UK consumers has reached an unprecedented high, according to official figures from the Bank of England. As much as £66.2 billion worth of credit card debt is now understood to be outstanding among individuals and households throughout the country, with that figure having risen by […]
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Credit Card Companies Told to Do More to Help Customers with Long-term Debts
27th July 2016Credit card lenders ought to be doing more to help their customers who have been unable to repay their debts over periods of several years or more. That’s according to the Financial Conduct Authority (FCA), which has published a new report focussing on how credit card companies deal with customers who are heavily in debt […]
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Regulator Rebukes Credit Card Firms for Keeping Debtors in the Red
4th November 2015The Financial Conduct Authority (FCA) has criticised the practices of credit card companies in the UK for the ways in which they deal with customers who are persistently indebted. Customers should be encouraged to pay off more of their debt more regularly, if they can afford to, rather than be left to only make minimum […]
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Credit Card Costs ‘Confusing 95% of Consumers’
22nd September 2015The true costs associated with a 0 per cent balance transfer credit card deal are not fully understood by 19 out of 20 British consumers. That’s according to a recent survey carried out by the consumer watchdog Which?, which has initiated a campaign designed to discourage credit card companies from including what it calls “sneaky […]
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Understanding Credit Card Debts and Possible Solutions
15th March 2015Although credit cards can be a useful financial tool when used correctly, interest rates of between 10% and 30% make it easy for debt to spiral quickly if spending is uncontrolled. Understanding how credit card debt becomes a burden, and the possible solutions, will help to avoid a poor credit rating and minimise future risk. […]
Read moreHow to deal with credit card debts
10th October 2014Credit card debts are among the main contributors to the overall scale of personal debts in Scotland and around the rest of the UK. It’s no surprise, perhaps, when you consider that there are more credit cards and charge cards in use around the country than there are people, according to the UK Payments Council. […]
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One Million Scots Keep Debts Quiet
19th December 2013It’s often said that people can keep feelings and emotions locked up inside and when it comes to the sensitive subject of personal debt, it seems many of us are adopting the same reticent approach. According to a recent survey on how we handle the stigma of indebtedness, results show that one in 20 people […]
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Am I being unfairly harassed by my creditors?
28th June 2013If you owe money to a lender and you’re not meeting payments, it’s expected that they will take further action to recover the money. However, there are legal requirements creditors must follow. But if you feel intimidated by the amount of contact you’re receiving, it’s possible your creditor could be breaking the law. Harassment is […]
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