Become A Smarter Borrower by Grant Marwick
With a nation that has in the region of a Trillion pounds of debt one could say we are serial borrowers. Before you consider borrowing money it is wise to consider a few important points. · Shop around for the best deal This may sound like a no brainer but many people still use their high... If you have between 6 – 9 months left to pay on your loan you could transfer this balance to a 0% balance transfer credit card. ... You can then pay this balance off from your new credit card at no cost over the 6 or 9 month period depending on what the introductory rate is.

What Does a "Universal Default Penalty" Clause Mean On My Credit Card? by Joseph Kenny
You apply for a credit card that has an advertised 10% APR. The card is approved and you spend money on it. Some months later you notice that the interest rate cannot possibly be 10% APR but is nearer 30% APR. You immediately claim you have been cheated; but the credit card provider counters... And the answer is: Credit score rating Many customers apply for a card at a time when they have a good credit rating in the belief this is the one and only time the provider checks their credit score rating.

Store Cards, Credit Cards and Loans – How to Borrow Money Effectively by Rachel Lane
You don’t have to have the lifestyle demands of Paris Hilton to need extra money these days. According to Credit Action, the total UK personal debt was 1,122 billion, a growth of about 10.5% over the previous year and in the UK and each adult in the UK has an average of 4.1 credit cards in their... For example, for smaller amounts of money that could be paid within a shorter period of time – a credit card might be the most flexible way of borrowing money. ... Nearly all store cards carry a vastly inflated rate of interest and they rely on you not being able to pay off the balance in full...

Debt in the UK by J Porter
Total personal debt in the UK currently stands at approximately £1.1 trillion and it is rising all the time. It's easy to see how the UK debt problem has got so bad – you can tell by the amount of offers dropping through your letter box every day how easy it is to get credit. ... And while store cards are gaining in popularity, their interest rates are almost always higher than any credit card on the market. ... Lots of credit cards make a big deal out of their 0% interest rate but they make much less of the fact that it only applies for a short while, after which you could be paying more...

Credit Cards Shamed into Cutting Charges by Michael Challiner
The Competition Commission one of the governments watchdogs, has at last moved to shame credit cards in to cutting their charges. The long overdue move comes after the Commission concluded that the credit card industry was overcharging customers between £55 and £100 million each year through... • Credit Card operators must not sell Payment Protection Insurance in a combined package with credit cards. ... The Commission has therefore decreed that Payment Protection Insurance must no longer be sold in a combined package with a credit card; it must always be purchased as a separate stand...

Tips To Avoid Getting Into Debt by Joseph Kenny
While many articles and books have been written to help you once you're in debt, very few have been written about how to avoid getting into debt in the first place. Many people choose to go to credit counseling only after they're on the brink of filing for bankruptcy. ... They often will only have one credit card if any, and the amount of money they have saved up will be much larger than the balance they owe on their credit card. ... I believe this one of the reaons why the average American family today owes about $10,000 in credit card debt.

What is an Offset Mortgage? by John Mussi
An offset mortgage is very similar to a current account mortgage - but instead of having everything all in one account, all accounts are held separately. The offset mortgage concept treats your money as one giant pot, with each element (mortgage, savings, current account etc) separate to the rest. ... With interest calculated daily, each day's credit balance can make a small difference. ... The interest is calculated on a daily basis on that reduced balance. ... A further advantage is that the credit cards and loans remain unsecured borrowings even though they are paid off at the mortgage...

How To Deal With Rising Interest Rates by Joseph Kenny
For the past few years, interest rates have been quite low, causing many people to borrow large amounts of money for a variety of different expenses. Now these interest rates are about to rise, and they will have a large effect on the personal finances of many borrowers. ... Get On A lower Interest Rate Don't listen to credit card companies that advertise credit cards at a fixed rate. ... By law, credit card companies have to give you a notice before increase the interest rate on the credit cards, and very few loans are exempt from the interest rates that are increased by the Federal Bank.

Defining Common Banking Terms by John Mussi
Banking is one of the most important industries in the world today… the economy of every country in the world flows through the various banks and financial institutions that exist in the world. There are times, though, that some of the terminology that's used in banks and the banking industry... Unlike cheques, however, the debit card uses credit card processors and doesn't require the same amount of time as cheque writing. ... For loans, credit cards, and other such services, however, interest is an additional fee that you pay that is added on to the monthly balance of your debt.

Getting A Homeowner Loan by John Mussi
Thinking of getting a homeowner loan to help you with those needed bills? Many places would be more than glad to give you a loan, if you have good credit. But before you apply, here are some things that you need to know in order to save you some money. ... Remember too, that it may save you even more money if you are able to get a 0% APR credit card and do a balance transfer to that card - you cannot beat 0% interest! ... Therefore it would not pay to put the debt on such a card onto a higher interest loan.