For more than two years the 0% balance transfer credit cards on offer have been getting slowly less good. And there aren't so many, so they are also harder to get. You may have been shuffling credit card debt around for years with not much problem, but it is becoming harder. Less deals on offer & the limits are lower In January 2020 Moneyfacts has counted 76 0% balance transfer … [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?
Off to uni in 2019? Time to plan your finances!
You have the A level grades - well done! There are now just a few weeks to get organised for uni in September 2019. What should your top priorities be for managing your money? And what should you avoid? Living on a student loan is hard You will probably get more money in your bank account than you have ever had before. But most students find it harder to manage than they … [Read more...]
Credit card minimum payments – developments from 2000 to 2019
This is a guest post from The Money Charity, the UK's financial capability charity. If you would like to receive its monthly statistical report The Money Statistics, sign up here. This paper was written as background research for The Money Charity’s responses to the Financial Conduct Authority consultations on the short term credit market. As a reference document it may be of interest to … [Read more...]
Credit card says you’re in persistent debt & must pay more … but what if you can’t?
Have you had a letter from a credit card, store card or catalogue saying you are in persistent debt? That suggests you increase what you pay each month? Hundreds of thousands of these letters are going to people who have only been paying the minimum amounts for a long time. Here is one: If you're still paying more in interest, charges and fees than you're repaying your credit card debt in … [Read more...]
Credit cards – to close or not to close?
If you have a credit card with a zero balance, should you close it? Would cancelling it improve or harm your credit score? This is important to get right if you are trying to clear your debts as fast as possible or if you are hoping to get a mortgage soon. It also applies to catalogue accounts. Here are the main arguments for and against closing the credit card: Four reasons to … [Read more...]
Credit cards – the minimum payment trap
Do you only make the minimum payments on your credit cards? If money is tight, you may feel minimum payments are your only option, but do you know how much they are costing you and how long it will take to pay it all off? And do you know that there is a simple alternative that will speed up debt repayments a lot and not cost you any more? Read on! How long does it take to clear the … [Read more...]
“What’s the best way to clear credit card debt?”
A reader has a very common situation: I have £12,000 of debt on a couple of credit cards and a catalogue. Is a loan the best way to sort this out as soon as possible? It's not possible to answer that without a lot more details... but let's explore the options and see what makes some ways better for some people. Why do you want to do this? There are three main reasons: you are fed up with … [Read more...]
Vanquis increases minimum monthly payments
People with Vanquis credit cards are getting texts and letters saying their minimum monthly payments will be increasing as the calculation is being changed. This is happening from July 2018. The new minimum payment calculations At the moment Vanquis calculates the minimum monthly payments as the highest of three figures: 3.5%, 4.5% or 5% of the balance on the account (depending on … [Read more...]
Is your credit card getting close to the danger point?
Here is a simple way to think of your credit cards and catalogue accounts using the traffic light colours. It can give a warning signal where 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...]
Can you get refunds from catalogues, credit cards & overdrafts?
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. This approach can also be used for overdrafts if your limit was increased. Thousands of people got refunds from payday loan complaints in … [Read more...]