Now Credit Cards News

The economic crisis that has a strangle hold on the world is hurting UK businesses, and without the chance to borrow money from the usual sources they may turn to credit cards. The impact of not being able to secure a loan will most likely hit the small business owner more so than a huge corporation. When the banks don’t loan money to businesses this will inevitably slow growth; no one can continue to do business as usual without capitol. While the Bank of England has lowered their interest rate recently there has been no indication that lending has resumed. If a company has a higher servicing debt they will most likely not be able to expand or in some cases continue to do business. If this happens the economy could slow down even more. Continue reading →

The position of many credit card companies has been compromised with the current economic conditions and some say that the credit card companies may be at risk. The number of customers that can’t repay their debt has begun to escalate and has forced credit card companies to increase their interest rates. The recent decline in the number of credit card offers from the credit card companies has many believing that this is the start of a new trend. There is evidence to support this claim as many credit card companies have indeed reduced or stopped offering cards. The fear is if there is no competition between the credit card companies we will see even higher interest rates.
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In the US an announcement was made that $2 trillion lines of credit would be cut in the next 18 months. The pull back of credit for credit cards is to help reduce the risk credit card companies are facing right now. They have an aversion to more risk and regulatory changes that the US is looking for. The US is not the only country to be changing the current credit card offers. The UK is also trying to make changes to the credit card companies to help reduce the amount of credit card debt.
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The UK government is looking out for you by telling the credit card companies to shape up or face consequences. If you have ever wanted to give your credit card company a two weeks notice then you will love this idea. The UK government has done just that on your behalf. The Bank of England has reduced interest rates for lending purposes to stimulate the economy and expects the credit card companies to follow suit. Sadly this has not been the case with some raising interest rates even higher. The credit card companies’ argument that the increase in people that are unable to pay their credit card debt has been on the rise has had no effect on the government. They are pushing ahead with the two weeks notice plan. Continue reading →

A recent study was released regarding tracker mortgages to show consumers where the mortgages may be headed in the next couple of weeks. Here is what has changed after the base rate decreased again from the Bank of England cut two weeks ago. Continue reading →

Credit card consumers are spending too much on their credit cards because of cheques being sent in the mail. In a recent study it was found that 3.6 billion pounds was spent on credit cards in the UK using balance transfer and cash withdrawal cheques. The details of the statistics are provided below.
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