The Financial Conduct Authority has today announced some wide ranging proposals to overhaul the overdraft market. The key changes it is looking for are: Ensuring the price for each overdraft will be a simple, single interest rate – no fixed daily or monthly charges. Tackling Read More
When the Halifax Building Society, as it was then, launched the first UK fixed rate mortgage in November 1988 the interest rate charged was 12.75% and the average UK property price stood at £55,448* Fast forward 30 years and the average rate for a 2-year Read More
Following today’s FCA announcement that the way the banks operate and charge for overdrafts needs fundamental reform, Andrew Hagger of Moneycomms looks at how some customers with the big banks are paying way over the odds for agreed overdrafts. An overhaul of bank overdrafts is Read More
Andrew Hagger of Moneycomms looks at the latest trends in the UK credit card market. Statistics released today by UK Finance revealed that £1.62 billion of credit card balance transfers took place in January – the highest value one month switch since March 2006. While Read More
Personal Loan rates on the up as borrowers face a credit squeeze Andrew Hagger of Moneycomms.co.uk looks at the latest changes in the consumer lending market. Personal borrowers have enjoyed record low personal loan rates and long term interest free balance transfer deals in recent years, but Read More
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