Research: More people reliant on credit cards for day-to-day spending
More than a third of all Britons did not have a sufficient current account balance to meet their living costs in the first month of 2011, if new figures regarding credit card usage throughout January are anything to go by.
In news which may be of note to those with Post Office credit cards, the financier yesterday (January 31st 2011) revealed that more than a third - 34 per cent - of all Britons were reliant on credit to fund their day-to-day expenditure last month.
This equates to a total of more than 11.5 million people, while the study also established that in excess of 2.4 million members of the population are planning to spend more on their plastic over 2011, with17 per cent indicating that this increase will be by up to £200 extra every month.
In related news, Mark Bower, managing director of Money Maxim, stated recently that monetary pressure on UK households will not decrease in the new year.
Meanwhile, students have been offered advice on credit.
Students considering the possibility of taking the time to compare savings on personal finance options such as credit cards due to the low amount of cash in their current account may wish to take note of some expert advice.
This is because yesterday (January 25th 2011), the National Union of Students and charity Credit Action teamed up to produce the Credit Crunching -a student guide to credit handbook, which is aimed at providing impartial advice to scholars on how they can spend money wisely while at university.
It is estimated that the average student now graduates with around £23,000 worth of debt attached to them, meaning that being well-informed about personal finance options could be essential to help people make sound monetary decisions.
Joanna Parsley, associate director of Credit Action, commented: "With the future of student finance in the spotlight it is essential for students and graduates to both understand credit and use it wisely."
Meanwhile, having sufficient home insurance cover may also be vital for students due to the fact that areas where scholars live are often targeted by thieves.
Questions and Answers
A lender has launched a new fixed bonds deal, consisting of a 3 year term which has been labelled as "excellent value for money during the current financial climate".
Saving has become more common in the wake of the recession, an expert has said.
Younger people in the UK are now beginning to recognise the importance of using savings accounts such as ISAs or fixed rate bonds in the wake of the recession.
Rates on fixed savings accounts are declining, it has been found. Britons holding savings accounts with long-term figures of return are set to encounter difficulties later on this year, new research has suggested.
Many people are not saving enough money for a rainy day, or even a decent retirememnt, it has been found.
It is essential for people to continue storing cash in savings accounts such as ISAs even as they attempt to pay down debt.
Registering a company is no longer a time-consuming and tedious business. With the new online company formation services available you will be able to register your new company in just a few clicks of a button.
Establishing large credit card debts in college develops poor money management skills. Also, high interest rates keep students in debt well after school.
If you're planning a holiday with your family, don't forget to include your credit score with you. Monitoring your credit score while you're away can be a big help. If the thought of thieves running up a huge debt on your credit card scares you, then online monitoring is what you need. Read article to know more.
Lots of people want to know how to clean up their credit report. While there are plenty of agencies out there who will do the work for you for a price, it's also possible to clean up your credit report yourself if you're willing to put in the time and effort.
Your credit score is an important thing when it comes to how lenders, dealers, companies or banks see you. It is what they look at to determine if you are worthy enough to get a loan or even to get that job position you've been longing for.
Those with the Android operating system on their phone in the UK will be able to download the RBS & NatWest Mobile Banking application soon
Britons are struggling to cope with the rising cost of living, and thus are continuing to accumulate the highest levels of debt seen since that seen at the height of the recession, back in 2009.
Figures recently released by the Office of National Statistics (ONS) show that the economy in the UK has grown by 0.5 per cent in the third quarter of 2011.
Economic downturn may have caused most business' to falter, but credit cards appear to be on the way up!
Summerhouses come in an assortment of shapes and sizes so finding one to suit your tastes can be challenging – especially as it is likely to be a large purchase while becoming a big feature in your garden.
Discuss this Article
