|
The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
|
|
|
|
News
A leading debt management company is reporting a rise in the numbers of its customers who cite loss of sleep as a direct result of debt anxiety as a major catalyst for contacting the company for help.
Annual average household expenditure is estimated to be £35,978. The corresponding figure for a household where the main occupant is 65 – 74 is £23,711 and £15,139 where they are aged 75 and over
A third of workers are more likely to go into work ill because of the economic downturn, a survey reveals. The study of 1,600, found that 30 per cent of workers are now more inclined to go to work sick as a result of the current economic climate. Around half of those choosing to turn up for duty while sick said the most important factor in their decision was job security.
With the recent Macmillan study showing cancer sufferers and their families are 20 times more likely to ask for help about financial issues, than about death and dying, Chartis Direct reports increased interest in its unique cancer insurance products WellWoman and CancerCare, which give cash payouts on diagnosis of cancer. Edition 23 24-07-2011
Hi, I’m Atul Srivastava. Welcome to Eco News! This is where I’ll give you news, reviews and video links to help you save your wallet and the world. If you’d like to be interviewed for a promotional video, email: atul@ecoexpert.tv |
|
|
|
Have you met...
|
|
|
|
Credit card changes
Changes are to be made to the way credit cards operate. The key changes will be in place by the end of this year and will become part of The Lending Code.15-03-2010
UK Cards Association, which represents the credit card industry, has reached a joint commitment with the Department for Business, Innovation & Skills (BIS) as a result of its consultation “Review of the Regulation of Credit and Store Cards. The proposals were based on an analysis of 44 million customer accounts covering cardholder behaviour over the last two years.
The range of commitments include:
• ensuring that the highest cost debt on a credit card is paid off first (this will benefit around a quarter of all credit card accounts). This practice is known as allocation of payments
• measures strengthened to prevent any customer facing financial difficulty being offered an unsolicited credit limit increase. Any other customer offered a credit limit increase will be offered a new 30-day notice period and simple means of ‘opting-out’. (Around 8% of the 58 million credit card accounts in UK had a credit limit increase in 2009)
• minimum payments – card companies will contact any customer who repeatedly only makes the minimum repayment to make clear that this is the most expensive way of paying off a debt (an estimated 3% of customers pay the minimum for 12 consecutive months). For new credit card customers the minimum repayment will always cover at least interest, fees and charges, plus 1% of the principal to encourage them to change their repayment behaviour
• re-pricing of existing debt – building on the changes already made by the industry – a 60 day notice period will be introduced, and consumers will be notified twice before any increase occurs. (Between January and October 2009, 10.6 million accounts, a sixth of all credit card accounts, were risk-based repriced, with around 40% of those being repriced downwards)
• in keeping with the ongoing commitment to improve transparency and to simplify customer information, the industry will work with consumer groups and government to assess the case for an annual credit card statement for consumers
• card companies will also work with debt advice agencies to agree how they might further identify consumers at risk of financial difficulties
Latest industry data shows that in the UK in 2009 there were 30.3 million credit cardholders holding 58 million credit cards; demonstrating a real shift away from multiple cardholding (in 2008 there were 30.2 million adults holding 66 million credit cards). In 2009 61% of credit cardholders paid off their bill in full every month, up from 55% in 2007.
|
|
|
|
|
|
|
