Here is a simple way to think of your credit cards and catalogue accounts using the traffic light colours. It's meant as a warning signal that you may have problems in the future. If you are in difficulty with bills or debts now, it's too late for this early warning to help... have a look at your possible options and get some debt help now! Red - Amber - Green First you need to compare the … [Read more...]
Articles about credit cards
Credit cards can be really useful but they can also be dangerous - if you just hand over that piece of plastic it can be too easy to run up bills which will take you many years to clear. So how can you make the best use of them? The articles here look at
make sure you get the benefits - practical steps you can take so that the banks don't make huge profits from you;
what's new and whats changing with credit cards in Britain?
too much credit card debt - how can you tackle it fast?
What to do if you can’t pay a debt this month
Are you facing a debt crisis this month? If you realise that you can't pay all your bills and debts this month, what should you do? In 2017 even more people are having debt problems because credit card, loan and catalogue debt has been rising fast. Debt is going up faster than most people's incomes, so more people are having difficulty repaying it. Here is a practical list - starting with … [Read more...]
Can you get interest refunds from catalogues & credit cards?
Have you had a catalogue or a credit card where you were given a high credit limit? So high that the minimum repayments were hard to manage without borrowing more? Many people were originally given sensible limits, but the lender kept increasing them. Thousands of people got refunds from payday loan complaints in 2016, see How to get a payday loan refund for more information. Some people have … [Read more...]
Will 2 credit cards improve my credit score faster?
A reader asked: "I've seen advice to improve my credit rating after a Debt Management Plan by getting a "bad credit card" and repaying it in full every month. Would it be a good idea to get two of these cards? I don't want to borrow any money, just to get a better credit score." This is a good question! Let's start off by looking at why getting a bad credit card such as Vanquis is often … [Read more...]
0% credit card deals in June 2017
In June 2017, you can get a 42 month 0% balance transfer deal if you pay a hefty fee. Or you can get a 29 month deal with no fee at all! This month the top offers have got just a fraction shorter (only 1 month less for most lenders) than those available in May 2017. That isn't significant if you have expensive credit card debt - this is still a great time to refinance it. But it is interesting … [Read more...]
“Bad credit” cards & how to use them wisely
There are several "bad credit" cards in Britain, including Vanquis, Aqua,and Luma. The cards are aimed at people who get turned down for a normal credit card or loan promising: access to credit you need but can't get; and helping you to improve your credit score. In July 2016, the FCA (the credit card regulator) published research showing that a quarter of these cards that were taken … [Read more...]
4 reasons to fix credit cards payments
If you are making the minimum payment to a credit card it will probably feel as though you are only paying interest and the balance isn't going down. You aren't alone - in July 2016 new research found that over 1.4 million people in Britain have been making minimum payments for three years or more. If you are caught in this minimum payment trap, what can you do? Of course it would be best to … [Read more...]
How banks make money from 0% balance transfer deals
In 2016 there is a lot of competition to get the top spot in the credit card best buy tables. At the moment (August 2016) Virgin is top of the "longest deal" table with 41 months at 0% for a 4% fee. Tesco has a 24 months 0% offer with no fee at all. You can see the current "best buys" for balance transfers here - if you know you can clear the balance soon, then look for a zero or very low fee … [Read more...]
Changes to Barclaycard interest rates
Over the last couple of weeks Barclaycard have been writing to their customers explaining that they are changing the way they will be setting interest rates. Here is the start of the email I received: The changes they are making At the moment, everyone with a Barclaycard has an standard interest rate for purchases and a different interest rate if you withdraw cash - you may also have a … [Read more...]
Helping people repay credit card debt faster
Yesterday the FCA issued an interim report for its Credit Card Market Study. It feels the overall market is working well however it is worried about the number of people who appear to be just above the default level: around 2 million people have "persistent levels of debt", normally using 90%+ of their credit limit, suggesting that they may be struggling to repay; another 1.6 million … [Read more...]