 |  | By Russell Cavanagh Staff Writer Friday, 29 August 2008 |
“DON’T marry for money, you can borrow it cheaper!”
Interesting statistics were in the news this past week relating to the credit crunch, families, and … “pants”.
It’s a family affair
ABBEY announced research this week showing 27% of Brits surveyed say they are less likely to split up with partners thanks to the credit crunch.
Meanwhile, Chelsea Building Society found 60% of us would help our mother out financially if she was struggling; whereas the figure reduces to 45% for dad, then slides further for siblings and off-spring.
The Pension Service is encouraging over-60s to claim Pension Credit - so grandparents shouldn’t feel too left out financially either.
I am the egg man
FIVE million 0% credit card balance transfer deals expire shortly and these borrowers will face an average 16.49% interest applied to what’s left to pay, according to Moneyexpert.
However, numerous 0% balance transfer credit cards are still available and Egg, Barclaycard and Virgin Money offer particularly good deals.
 Compare balance transfer credit cards
Gimme Shelter
SHELTER, the homelessness charity, reports a 100% increase over the past year in possession proceedings against buy-to-let mortgagors – set against a 48% general increase for all mortgage borrowers.
Abbey says 12% of owner-occupiers are overpaying their mortgages in anticipation of tougher times ahead whilst 4% plan to take payment holidays or underpay.
Also, a TUC survey claims 3.3m workers – 13% of the workforce – aren’t confident of being in a job next year.
You can compare mortgages here and read David Stevens' article for expert guidance if you’re considering the future with a payment protection insurance policy.
Telephone man
A disgruntled Lloyds TSB insurance customer changed his telephone banking password to “Lloyds is pants”. He later found it altered to “no it’s not” and after complaining received an apology with news that the bank employee concerned had “left”. “Barclays is better” was his second choice.
Elsewhere, an employee of a data processing company sold a laptop on E.Bay holding details and account information on 1m Natwest, RBS and American Express borrowers.
For those concerned about the implications of identity theft and security issues, the Home Office provides useful advice – and the 2/3rds of UK households now online can find similar information here too.
Busted
EXPERIAN claims the average individual’s credit debts rose by £2,000 over the past year and the middle classes are now hit hard too.
Experian says average individual debt in Derbyshire is £12,192 whilst the figure is £53,533 in the South East.
For anyone thinking debt is gaining respectability, the prevailing attitude remains that the middle classes are “shouldering the burden of debt” but the working class can “only blame themselves”.
And finally, if you only do one thing this week …
And finally, if you only do one thing this financial week, why not compare credit cards offering rewards and pamper yourself in this current economic climate?
Rewards on the Virgin Money credit card include discounts at Zavvi stores (purchase your favourite songs on CD!) and has an astonishing 15 months 0% APR on balance transfers.
Compare credit cards offering retail rewards
Compare credit cards offering cash back
|
