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The coronavirus lockdown has hit the economy hard and millions across the country will be feeling the effects. Whether put on furlough, losing important freelance work or stuck unemployed with no job offers, many at the moment will find themselves in a difficult financial situation. In many cases, this will have meant taking on debt. … Read more
Buy now, pay later has exploded onto the payment scene in recent years, allowing shoppers to purchase items without paying for them right away, technically putting many into debt. However, almost a third of people say they don’t consider delayed payments to be debt, new research shows. Jessica Exton, behavioural scientist at ING – which … Read more
Pay just £300 a month and drive off in a brand new car. That’s the sales pitch that ignited the motor industry, with millions signing up to buy cars on the never-never. But there is a fetid underside to these loans, known as personal contract plans and hire purchase, which could leave drivers car-less, owing … Read more
The buy now, pay later behemoth Klarna has launched an advertising campaign asking users to consider whether what they’re buying is necessary, despite boasting to retailers that it helps people spend more. The company, one of Europe’s most successful start-ups with 8.6million UK users and a valuation of around $5.5billion, has faced criticism from some … Read more
How have you spent the lockdown? For many people it’s involved a lot of TV. The market research company Kantar estimated in May a fifth of all UK households had signed up to a TV streaming service like Amazon Prime, Netflix or the newly launched Disney+ since the start of lockdown. Parents juggling working from … Read more
Borrowers were granted a reprieve from overdraft rates of nearly 40 per cent at the start of April as banks were ordered by the regulator to keep costs low as the coronavirus struck. But last week the Financial Conduct Authority reopened the door to sky high overdraft charges when it said it was not extending … Read more
Zopa to offer lower credit card interest rates to careful spenders who have better credit ratings Zopa will launch a credit card with interest rates as low as 9.9% The better the borrower’s credit score, the lower the rate they would be charged By Helen Cahill For The Mail On Sunday Published: 22:31 BST, 4 … Read more
Credit card and loan borrowers can freeze repayments for three more months, but regulator says they should pay a reduced amount if possible The FCA brought in new unsecured debt proposals It announced a three-month extension to payment holidays Watchdog also says overdraft borrowers could have a £500 fee-free buffer for three more months – … Read more
Credit card and loan borrowers can freeze repayments for three more months, but regulator says they should pay a reduced amount if possible The FCA brought in new unsecured debt proposals It announced a three-month extension to payment holidays Watchdog also says overdraft borrowers could have a £500 fee-free buffer for three more months – … Read more
Credit card interest rates hit a record high this month despite a record low base rate as providers hiked the cost of borrowing for those with poor credit histories or turned down by mainstream banks. The average credit card purchase APR now stands at 25.5 per cent, up from 24.1 per cent last June, after … Read more