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Saturday, 05 April 2008 |
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By Steve Smith
 Borrowers have seen an increase in the amounts of interest attached to personal loans, an industry expert has stated.
Jo Roberts, director at Needanadviser, reported that in recent months the availability of cheap personal loans has diminished. The fall in cheap loans was attributed to the continuing impact of the credit crunch as money lenders begin to take steps to ensure that those who borrow money from them will be able to afford to make repayments.
She said: "Lenders are running scared of the credit crunch. We have not seen such a large rate rise in secured loans because lenders are now looking to get their money back. But what is happening with unsecured loans is that people have overextended themselves with credit and the loans that will end up not being repaid if the person goes bankrupt are the unsecured ones, which are generally the smaller ones. The trend is for lenders to put their rates up so it makes it worth while for them to risk lending the money. This is all the result of the credit problems going on in the world |
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Last Updated ( Saturday, 05 April 2008 )
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Friday, 04 April 2008 |
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By Michael D. Strauss
 Cash back credit cards are one of the latest crazes to sweep the personal finance industry. Where once balance transfer offers held sway, with card issuers falling over each other to offer the longest 0% deal in history, it now seems that cash back is king. Banks are increasingly locked in competition to provide the best cash back deal on the market - but what exactly is this feature, and why would you want it?
The basic premise behind cash back cards, as the name suggests, is that you are credited back with a small percentage of everything you spend using the card. This money will accrue on your account, and usually be paid yearly either by personal cheque or by direct refund to your account.
The actual concept of these cards is by no means new, but what's different nowadays is the size of the cash back percentage on offer. In previous offers, a cash back rate of 0.25% was considered generous - after all, it was seen as money for nothing (however misguided that view). Today, that figure looks decidedly miserly.
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Last Updated ( Friday, 04 April 2008 )
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