Bank account holders who exceed their overdraft limit can expect to be charged an extra £5 every time they do so, new figures have suggested.
Analysis of the current account market by MoneyExpert.com has revealed banks are increasing charges for going over agreed limits, with as much as £30 now being levied for a balance going […]

The reduction in indirect taxes announced by Alistair Darling in the pre-Budget report have helped consumers regain some control over their finances, it has been claimed.
Head of personal finance at money website Fool.co.uk David Kuo explained that the 2.5 per cent cut in value added tax (VAT) will result in “a gradual relaxing of household […]

A new savings account aimed at children is now available, it has been announced.
The Child Regular Saver is being offered by The Nottingham and features an interest rate of 7.5 per cent for young people aged 16 or under.
An initial deposit of £10 can be used to open an account, into which a maximum of […]

Citizens Advice is to receive £10 million in extra funding to help extend its services, it has been announced.
The move, which was part of yesterday’s pre-Budget report from chancellor Alistair Darling, means the body will be able to help an extra 335,000 people in England and Wales every year.
Those seeking advice on becoming debt free […]

The introduction of tax cuts in the pre-Budget report would not encourage Britons to increase their spending, research has found.
Instead, many would use the opportunity to increase contributions to their savings or try and become debt free, a report commissioned by Axa has concluded.
According to the survey, 33 per cent would use the extra funds […]

Shoppers who only make minimum credit card repayments on their spending over the Christmas period could remain in debt until 2016, it has been claimed.
According to moneysupermarket.com, it could take up to seven years to pay off a credit card balance and become debt free if a shopper only makes minimum repayments on the £376 […]

An increasing number of pensioners are in debt when they retire, it has been claimed.
Data from Just Retirement has found being in debt when reaching retirement age is affecting 24 per cent of those surveyed, while 26 per cent of people nearing retirement are worried about the level of debt they will be in when […]

Those switching to interest-only mortgages to help improve their financial situation during the current economic crisis have been warned that they should not be seen as a long-term mortgage option.
Barney McCarthy, editor of YourMortgage.co.uk, stated that such finance packages have the benefit of improving cash flow, but urged those who move to such a mortgage […]

Britons are to spend at least the same amount on Christmas gifts this year despite the credit crunch, research has suggested.
A survey by Direct Line found that 74 per cent of those surveyed doesn’t expect to curb their spending due to the economic downturn, with the average adult expecting to spend £407 on presents.
However the […]

Many people are taking a “pay now and worry later” approach to purchases over the festive season, it has been suggested.
Director of CreditExpert.co.uk Darryl Bowman has advised people to plan carefully for the Christmas period in order to avoid getting into unnecessary debt.
“If you do want to get into debt to fund yourself through the […]