Unsecured debt creeps up towards financial crisis peak 

  • UK households racked up unsecured debts of more than £204bn
  • This is within touching distance of its £208m peak in September 2008
  • It marks an increase of 9.9% on last year, slightly down from August’s 10% 

Britons’ credit binge continued last month with unsecured debt levels creeping close to the financial crisis peak, new monthly figures show.

Households racked up unsecured debts of over £204.2billion in credit cards, car finance, overdrafts and other loans as of September, latest data from the Bank of England reveal. read more

Credit card borrowing keeps rising along with cost of life

  • Credit card borrowing rose by 7.8% in September, up from 7.3% in August
  • Borrowing by businesses ‘moderated’ since beginning of the year 

Credit card borrowing among UK households is accelerating as the increase on last year rose last month while lending to businesses slowed down, official figures show.

Total credit card borrowing in September was 7.8 per cent higher than the same month last year, up from an annual increase of 7.3 per cent in August, according to industry body UK Finance. read more

People in debt could be given a six-weeks grace period

  • ‘Breathing space’ would give people ‘time and opportunity’ to seek debt advice
  •  The proposed plans will be discussed over the next year

People in serious debt could be given a six-week grace period where they are not charged interest, penalty fees or threatened by enforcement action in order to get their finances back on track.

The Treasury, which unveiled the proposals today, said the six-week ‘breathing space’ would give people ‘time and opportunity’ to seek debt advice, draw an informal debt repayment plan or explore debt write-off options with its creditors. read more

Why Hilton Honors has best reward credit card for spending

  • Hilton Honors Platinum Visa dubbed the best reward credit card on offer
  • It gives free weekend hotel stay on £750 spend in first three months
  • Rob Burgess of Britain’s biggest frequent flyer website Head for Points says it is UK’s most ‘ludicrously generous’ card
  • He says it has the ‘most generous sign-up bonus of any free UK credit card’ 
  • He lists six reward cards worth considering – but you must play by the rules

If you are about to buy a big ticket purchase for your home, perhaps some white goods, a new sofa or a television, then you may be deliberating on how best to pay for it.

One option could be to buy it on what has been described as Britain’s most ‘ludicrously generous’ reward credit card by an award-winning expert, who has picked it out as being the best reward deal available.  read more

TSB’s no-fee deal on 28-month interest-free credit card

  • Interest-free credit card deal offers 28 months on balance transfers
  • TSB credit card will refund the fee for moving balances from other cards

TSB has introduced a new fee-free balance transfer credit card for customers who can quickly move existing debt that they want to get paid off interest-free. 

The Platinum 28 Month Balance Transfer Credit Card deal has a 0.5 per cent balance transfer fee that will be refunded for transfers made in the first 30 days of the account being opened. read more

The best cashback credit cards that reward your spending

MBNA scrapped two of its popular cashback and rewards credit cards last week, with such deals seemingly facing extinction. 

Indeed, Rachel Springall, finance expert at moneyfacts.co.uk, refers to it as ‘a progressively shrinking market’ in which the most common cashback return today is 0.50 per cent for everyday spending – that equates to just 50p for every £100 spent. read more

AA offers freebies like spa treatments with personal loans Loans Of The Week | Daily Mail

AA is offering sweeteners to borrowers who take out loans between £7,500 and £25,000

The AA is tempting borrowers into taking out personal loans by offering freebies such as spa treatments, romantic hotel getaways and free MOTs.

The lender is offering the sweeteners to borrowers who take out loans of between £7,500 and £25,000 via the comparison website MoneySuperMarket before October 6. read more