Tag Archives: credit cards

Brits Driven Off Roads By Growing Petrol Costs

Recent figures by the Department of Transport suggests that the ever increase in fuel prices are not only “fuelling” the recession but are actually pricing British motorists off the road completely.

With the cost of petrol teetering on the 140p per litre mark there is a very real fear that the ongoing hikes are simply going to bring the country to a standstill. The figures show that country roads saw a drop by 5.2%, heavy goods traffic dropped by 4.4% and the category that covers motorbikes, buses and coaches saw a whopping 19.2% drop.

The OFT have started an investigation into how oil companies set their pump prices… which is fine but let’s not forget that the UK Government keeps adding on fuel duty. It’s all very well the OFT investigating the firms behind our fuel but there is a strong suggestion that the source of our motoring misery lies with the politicians.

Quentin Wilson, a spokesperson and motoring expert for FairFuelUK told the Mirror:

“The Government has to recognise that the huge cost of filling our cars and vans has contributed to the recession.

“The first thing the Treasury must do is to bin the 3p tax hike planned for January and listen to FairFuelUK’s economic research, that shows a significant cut in fuel duty will stimulate growth and create jobs.”

In addition to this the cost of fuel is believed to be behind the spiralling debt problems in the UK as many low income families, young people are turning to credit cards or payday loans to help fund their motoring.

Take Steps – Keep the Debt Collectors at Bay

A credit card is something that we all have and need. Be it an impulsive shopping spree or an unforeseen medical expense, a credit card has always been our friend. The importance of a credit card can hardly be overstated.

The problems begin when you start receiving the bills. If not paid on time, they turn into debt and then into nightmares that refuse to leave you even in your waking hours. But being a defaulter doesn’t mean you can be harassed by the debt collectors. You have the right to fight them back. Given below are some of the steps that you can take.

Find out exactly who is harassing you. Once done, start collecting evidence. If they are calling you it’s important to keep a note of the calls along with the time, duration, the name of the person you talked to and the gist of the conversation. Save all the mails pertaining to the debt. This is very important when you file a formal complaint.

Begin by complaining to the lending institute directly. If it does not solve the problem then you can lodge a complaint with a professional body.

The credit card company might also be a member of the Trade Union that abides by a Lending Code. If the lender is violating any of the codes then you can lodge a complaint with the Trade Association against them.

If a solicitor is harassing you on behalf of the lender then it will be categorized under professional misconduct. For this you have to go through the formal complaints procedure of the law firm. If they do not take any steps against the solicitor then you will have to lodge a formal complaint regarding credit card harassment with the legal associations that operate in your area.

If you are in the right then the law is on your side. Go ahead and claim the peace of mind and dignity that you are entitled to.

This guest article was submitted on behalf of the Consumer Law Firm Centre – Find out more about credit card harrassment.

Inflation… What’s That?

So inflation is on the increase but what does that mean for you? Think about it for a minute – what do the economists mean when they’re referring to changes in inflation? Let’s take a quick look at what inflation is and how it affects you.

A few facts:

In basic terms inflation is a rise in price in the general level of prices of goods and services in the economy over a period of time.

As the general price level increases, each unit of currency buys less goods and services.

Oddly enough – it really is as simple as that – so the next time economists and politicians complain about high inflation that is all they’re referring to.

It’s the likes of high inflation that see’s many people turning to their credit cards or payday loans in times of need… not always the best choices of finance but a need many of us face on a day-to-day basis.

Want a more detailed explaination on how inflation works? It’s a pretty simple calculation:

Inflation Rate = Consumer Prices Index (CPI) X Retail Prices Index (RPI).

But what is a RPI or CPI?

RPI simply measures the change in the cost of retail goods.

CPI measures the changes in the price level of consumer goods and services purchased by households.

As these levels increase so does inflation… simples!

Car Finance - A Quick Guide To Car Loans

Find out more about buying a car on finance and find a car loan to suit your needs.

When you’re looking to buy a new car it’s not always easy to find the cash to help with the purchase – whatever that reason may be.

Let’s take a quick scenario – you’re current car is on it’s last legs and it breaks down whilst you’re out on the road. When your breakdown service eventually turns up to tow your car it turns out that it is simply not worth investing in the repairs. Effectively it could be more cost-effective to buy a new, more reliable car than to get your vehicle repaired.

Unfortunately many people find themselves in this type of scenario and with the economy in its current state many simply cannot afford to buy one.

If you find yourself in this state there are other options you can consider.

Buy A Second-Hand Car

Buying a second-hand car isn’t the worst choice but it’s worth bearing in mind that its life-span will be reduced when compared to a new vehicle, however, in the short-term at least you could save yourself money.

If you are struggling to find cash for a second hand car then you could consider a payday loan or even turn to your credit card. For a cheaper vehicle this option could be ideal, however, we appreciate that some people may want or even need a brand-new car.

Cars On Finance

If you are looking for a brand new car and are struggling to find the finances to fund your new purchase then consider buying one on finance.

There are a number of car on finance firms to choose from and all offer competitive APR interest rates – compare Creditwindow’s car loan companies to find a plan to suit your needs.

Image: M – Pics / FreeDigitalPhotos.net

Find out how you can make the most out of your money and avoid credit card and payday loan debt.

Unfortunately, since the financial crash (what credit crunch?!) back in 2008, British people have been feeling the effects. Unfortunately this has resulted in a growing number descending into credit card and payday loan debt as a result of not making the most of the money they do have.

On the face of it – it seems pretty difficult to make the most of your money during this time of “economic uncertainty”. Oddly enough there are things you can do to make your money work harder for you… but what?!

Check Out The Budget Supermarkets

Personally I’ve started doing some of my grocery shopping at the local Lidl or Aldi. Did you know that you can make significant savings by shopping at the budget supermarkets like this? What’s useful about these two stores in particular is the ability to bulk-buy – similar to a wholesaler but for consumers – not businesses. So if you need to do a big shop then you could make significant savings by shopping at a budget supermarket. Don’t get me wrong – I still pop into Tesco or Morrisons for quick buys but if you’re looking to do a big shop then try out Lidl or Aldi and compare what you spend to some of the other retailers out there. You might be surprised.

Invest Your Money Sensibly

There are bank accounts out there that can help you make the most out of your money – through high interest savings accounts and current accounts that will actually give you cashback every month that a set amount is paid in (usually over £1,000 a month).

In addition to this you could consider looking at opening an Interest Savings Account (ISA) to help boost your investments.

Earn More Money

Easier said than done isn’t it?! Ok – to help keep your financial health in top form it’s worth considering an additional job or, if possible, look at taking overtime in an existing job. Boosting your income could make all the difference to your financial situation and help you to meet monthly bills and charges. It could also help to prevent you turning to the likes of payday loans and credit cards to help meet payments and descend into debt.

Sell Sell Sell!

If possible look at selling some of those unwanted items you have lying around the house. These could be unwanted Christmas gifts, an old TV or out-of-date computer. Remember – your trash might be other people’s treasure so it’s worth popping along to your local car-boot sale or auctioning these items on EBay. Worth bearing in mind though that you may find a face-to-face sale at your local car-boot sale to be far more effective – never underestimate face-to-face. Online shopping isn’t always the be-all and end-all!

Tighten Your Purse Strings

Try to spend less – by setting a monthly spending budget for the year (that you stick to!) could help you to control your cash-flow and could mean that you have a little more left over at the end of the month or even the end of the year. Certainly worth considering.

Find out how you can cut the cost of your utility bills without turning to payday loans or credit cards.

Recently there has been talk about people turning to payday loans or their credit cards to help meet the cost of their utility bills – electricity, gas and water bills.

But let’s face it – turning to a payday loan is not a good way of meeting monthly bills. Credit cards and short term loans should only be used as a last resort.

But what can you do to help cut the cost of your bills. Let’s take a look:

Gas and Electricity Bills

According to recent figures the average gas bill is liable to increase in the colder months making many homeowners and tenants concerned. However, with the right kind of tools you can actually reduce the cost of your heating with relative ease.

One of the most popular ways of cutting your heating bill is by insulating your loft as this will prevent heat from escaping. In some instances you may be eligible for a grant to go towards the cost of insulating your loft. It’s certainly worth contacting the Energy Savings Trust to find out more.

Did you also know that if your boiler is relatively old you could be eligible to claim for the cost of a new G-Rated boiler (£400). However, it’s important to bear in mind that the scheme is limited to 125,000 applicants so it’s important to get the claim in early on.

Another way of reducing costs is by combining your electricity and gas bills so that you are paying off both in one lump sum every month – potentially saving you a fortune.

Energy Saving Lightbulbs and installing double glazing are more ways of saving money on your electricity and heating bills.

Water Bills

Did you know that water bills are rapidly increasing. In fact recently water bills leapt by 8.8% and many people are struggling to pay off utility bills as a result.

Fortunately there are ways of reducing the cost of water bills – let’s take a look at a few:

If you don’t already have one consider installing a water meter. A water meter simply records you water usaget and could help you to reduce water consumption considerably.

Try not to waste water. Every time you turn on a tap ask yourself whether it’s really necessary – it’s worth bearing in mind that a running tap can waste around 6 litres per minute. So ask yourself… do you really need to run the tap whilst your brushing your teeth?

Consider a water efficient shower head as this could help save considerable amounts of money when you’re having a shower.

So before you turn to your payday loan provider or your credit card – ask yourself if you really need to and whether there are ways you can reduce utility bill costs… it’s really not impossible to live within your means.

Image: cooldesign / FreeDigitalPhotos.net

Cost Savings - Reducing Your Fuel Consumption

Find out how you can avoid turning to a payday loan or credit card to pay off your car's fuel bills.

Did you know that the price of petrol has almost doubled since 2001? Unfortunately the current cost of petrol is only set to increase and as a result paying less for your fuel may simply be unavoidable.

Turning to a payday loan or credit card is probably not a route you want to go down to help pay your car’s fuel bills. However, its worth bearing in mind that paying less on fuel isn’t completely out of reach.

Whilst a number of drivers might consider switching to electric or hybrid cars this might not be possible for those of us who simply can’t afford to buy a new car.

Let’s face facts – even a brand new Smart Car is going to cost far more than a small hatchback – such as a Ford Ka.

Taking that into consideration there are ways to reduce fuel consumption even if you can’t afford to buy a brand-new electric or hybrid vehicle.

Here are a few tips to help reduce fuel consumption:

Check your tyre pressure. Did you know that the condition of your car will affect fuel consumption? Well under-inflated tyres have what’s known as more “rolling resistance.” This simply means that your car’s engine will need to burn more petrol to keep going. Your local petrol station usually has a means of testing your tyre pressure and topping up your tyres if needs be extremely cheaply.

Reduce your speed. It’s pretty obvious if you think about it – the faster you drive your car, the more petrol is used up. By dropping your speed you will actually increase in the economy of your vehicle and you will use less fuel.

Use your air conditioner sensibly. Not many people know that using your air conditioner at lower speeds can increase fuel consumption… but it can. Sometimes it’s better to simply open a window if you’re getting too hot – except when you’re driving at speed. Driving at speed with windows open can also increase fuel consumption considerably – in this situation you’re probably better off using your air conditioner.

Check your car’s air filter. Were you aware that a dirty air filter can affect your vehicle’s overall performance? Well it can actually increase the amount of fuel your car uses so it’s certainly worth checking every now and again to ensure that it’s clean.

Don’t stop if you can avoid it. It makes sense that to get your car going it takes up more fuel than simply reducing your speed. If you’re stuck in slow moving traffic or traffic jams than it’s worth simply driving at an incredibly slow speed rather than speeding up and standing every few minutes.

Follow these simple tips and you won’t necessarily have to turn to the likes of a credit card or payday loan to help pay off expensive fuel bills.

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Applying for credit isn't always what its cracked up to be. For many people with a poor credit history it's certainly not that simple.

With the British economy in the dire state it’s in many people are struggling to meet monthly payments. Unfortunately this can have severe consequences on personal debt as well as on the customer’s credit score.

Council tax bills and credit cards tend to be the most commonly missed payments – which will hardly come as a surprise to many. However, the likes of payday loan repayments are probably not too far down the list either.

So what can you do to ensure that your credit score is in tip top condition for the year ahead? Check out these top tips:

Pay off existing debt.

If you are looking at applying for a credit card, payday loan or other form of credit then it’s really important that you make sure you have repaid any existing debt you may have. Whether this is in the form of unpaid council tax bills, outstanding credit card balances or utility bills – it’s important to make sure your credit history has a clean bill of health.

Sign up to the Electoral Roll.

This might sound odd but did you know that signing up to the Electoral Roll is one of the best ways of improving your credit schore? A number of credit referencing companies actually check against the Electoral Roll to help fight identity fraud. This is why it’s essential that you make sure you’re signed-up to it.

Check what the credit reference firms have on file about you.

We see these adverts almost daily – especially since many of us spend so much time on the internet. However, it’s important to consider signing up to the likes of Equifax or Experian to keep a close check on your credit score. This not only gives you information on your credit history but it will also flag up any repayments you may have missed. It can also help to keep track of potentially fraudulent activity on any of your personal accounts – allowing you to remedy any issues that may arise relatively quickly.

Do you have a credit history?

If you are lacking a credit history then it can be difficult to obtain any form of credit… sound strange? Well it probably is, however, lenders are less likely to trust customers who have no history of borrowing money. This is largely because lending firms are unable to see how you behaved previously when it comes to repaying debt – as a result they will be unable to predict how you are likely to behave when it comes to repaying the loan they extend to you. This sounds incredibly unfair but there are loan and credit card companies out there who will lend – however you may be restricted to a low balance and you may start off paying a higher rate of interest to begin with. In spite of this it is worth considering as this will improve over time and as a result you will improve your credit history as a result.

Find out if a credit card is right for you with our quick guide to credit cards.

This is only a question you can answer – credit cards can give you the flexibility to make payments on demand – whether its an unexpected bill or some other expense. However, it’s worth bearing in mind that you will need to meet a minimum monthly payment to help keep your credit under control. The more you can afford to repay the better.

A credit card is essentially designed for short-term borrowing – like a payday loan, for example. The only real difference is the interest rate tends to be lower and you get a card to make payments whilst on the move or online.

If you’re looking for a larger amount over a longer period then you may be better off looking at a personal unsecured loan or secured loan.

Credit cards are more suitable for travel, booking hotels, paying bills or helping to meet monthly expenses when things are a bit tight. The last thing you want to do is blow all your credit on something major. Besides – not only will this mean that you have no spare credit but it could also mean you are unable to repay the balance and descend into credit card debt far quicker.

What About My Credit Score?

That’s a good question when you think about it. If you have a poor credit score you could help repair this with a credit card… there are credit card companies and banks who will give you one on the condition that you agree to make the mandatory monthly repayments.

However, if you are still in significant debt then the worst thing you could do is take out a credit card as you could descend further into debt the more you spend. In the end it is up to you… if you think you could manage a credit card then go-ahead – there are major benefits to having one.

Other than the ability to borrow small amounts on a credit card what are the other benefits to having one?

When you think about it a credit card is so much more than simply a means to borrow money to help pay for goods, services and bills. Some companies actually allow you to build up your airmiles and some will give you airmiles up-front.

Other credit cards come with different benefits – such as lower interest rates or a far larger starting balance. There are even some credit cards that will give you cashback when you shop at certain places or spend over a certain amount… you simply need to take a look around and find the best deal out there.

If a credit card doesn’t sound like your cup of tea check out this article on alternatives to credit cards.

Mortgage holders and tenants are turning to payday loans, credit cards and short term loans to help meet the monthly costs.

A survey by homeless charity Shelter has revealed that almost 1 million mortgage holders took out payday loans to help meet mortgage repayments last year.

The survey went on to reveal that a whopping 7 million people in total were dependent on some form of short term loan, credit card or unauthorised overdrafts to help meet the costs of their mortgage or rent.

Shelter have suggested that by turning to the likes of payday loans or credit cards could well see more and more people spiralling into debt.

The Charity’s CEO, Campbell Robb, commented:

“Every two minutes someone in Britain faces the nightmare of losing their home. We urge every single one of these people now relying on credit to urgently seek advice.”

Creditwindow suggests turning to the likes of the Consumer Credit Counselling Service or Money Advice Service to seek advice on managing debt and to look into new ways of controlling spending to meet monthly needs.

If you are looking for a debt management programme it may be worth looking at what the likes of MoneyExpert have to offer.

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