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By Julia Kukiewicz Editor
Friday, 12 June 2009
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Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
8 serious ways to look after your money during the recession
This personal finance guide aims to offer some real advice as Claire Stevenson looks at 8 ways you can recession-proof your finances.
Five reasons why bankruptcy is NOT your first option and the alternatives
Despite the economic uncertainty that lies ahead, there are options other than bankruptcy if you're struggling to repay your debts, says Claire Stevenson.
Money News Roundup (29 MAY 09)
The week in money with Julia Kukiewicz: Find out how Santander could affect you, why your bank is trying to get you to borrow, who could be committing dangerous car fraud and what the Potato Council's been up to.
Money News Roundup (22 MAY 09)
The week in money with Julia Kukiewicz: find out why Britain's credit rating is plummeting, the price of tea is rising and taking bets on the recession is an unpopular move.
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PANIC, singletons being defrauded and a spring in the step for mortgages in this week's exciting money news roundup.
Panic about Panic
FINANCIAL advice group Credit Action set out to dispel the myth that consumers are needlessly panicking about their finances as a result of the recession.
Brits are not being paranoid explained director Chris Tapp: "The downturn in the economy has led to a rise in the number of people who have seen a downturn in their own individual personal finances [and] therefore they are struggling to get by day to day."
The comments seemed to be a direct appeal against generalised 'credit crunch' reporting which implies that people have been more or less equally affected by the recession and interprets averages as if they are broadly representative.
According to statistics released by the group last month, 143 properties were repossessed daily during the three months to December 2008 and the average number of people declared bankrupt every day will reach 435 this year.
Young, Single and... Defrauded
YOUNG, single people living in shared accommodation are at a high risk of having their identities stolen, according to a report released this week.
Experian's report, based on an analysis of 5000 identity fraud victims, suggests that fraudsters are turning away from targeting the wealthy and are now more likely to target recent graduates and those working in service industries.
In 30% of cases, fraud was committed after financial information was sent to the victim's previous address and most victims are usually resident in large cities. Londoners are almost four times more likely to have their identities stolen and misused than other Brits, for example.
Another recent study by home insurer LV= found half a million people have been blacklisted by lenders as a result of identity theft.
Spring in the Step for Mortgages
LOANS for home purchases rose by 16% in April compared with the previous month according to the Council of Mortgage Lenders.
The data echoes similar figures suggesting green shoots in the mortgage market, particularly for fixed-rate products. In January, 48% of new home loans were fixed-rate deals, this rose to 69% in April.
Since interest rates are highly unlikely to fall any further what's really surprising is that many people coming to the end of their existing mortgage products are still taking out products with a standard variable rate (SVR) which is highly likely to come back to bite them should rates rise sharply.
Rising interest rates would have a positive impact for savers, however, who have been starved of good deals on savings accounts for a while.
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