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By Justin Schamotta
Staff Writer
13 November 2009
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Money News Roundup
If you only do one thing with your money this week...
Remedy your credit card debts with a balance transfer credit card.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (6th Nov 09)
A glance back at this week's personal finance news credit card borrowing falls to new low, consumers get angry at new Halifax charges, lump sums are demanded for sub-prime mortgages and a new Lending Code is launched.
Money News Roundup (30th Oct 09)
A glance back at this week's personal finance news Halloween is pricey, say Egg, don't demonise banks says RBS chief, an investigation uncovers mistakes in credit records and a Virgin bank in the works.
Money News Roundup (23rd Oct 09)
A glance back at this week's personal finance news bailed out banks offering the worst deals, number of houses without current accounts halved, banks required to prove guilt in card fraud cases and Barclays wins PPI appeal.
Money News Roundup (16th Oct 09)
A glance back at this week's personal finance news Natwest and HSBC restrict credit card applications, freshers hit by late arrival of loans, credit card fraud falls by 23% and Barclaycard's website goes offline again.
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NEW refund rules, Brits more optimistic about economy, parents struggle without savings, credit card users slow to pay off debt and precious plastic will be for the rich, say PwC in this week's money news roundup.
New Refund Rules
CUSTOMERS who claim to have had their cards fraudulently used with the correct pin are entitled to a refund according to new rules.
The Financial Services Authority began regulating accounts at the start of the month and has warned banks that they must refund customers first and then investigate how disputed transaction happened.
Dan Waters, the FSA's Director of Conduct Risk, said: "The bank needs to have grounds for believing the customer has done something deliberately wrong or recklessly wrong. In the meantime, the refund is to be made."
Brits more Optimistic about Economy
BRITONS are more hopeful of an economic recovery than they have been for the past year and a half according to a new survey.
The Populus poll for The Times found that voters are regaining faith that the country as a whole will do well over the course of next year. Numbers have risen from a quarter to a third since July and are now the highest since April 2008.
Reasons to be optimistic include house prices rebounding and new figures showing last month's retail sales values rising at their fastest annual pace since April.
Parents struggle without Savings
WHEN it comes to savings, many families will be dreading the metaphorical rainy day when they might be called upon.
The reason being that, according to new research by Abbey Savings, over a quarter of parents have no savings and investments at all. Twenty per cent have fewer than £1,000 to cover their expenses in times of difficulty.
"It is concerning that many families are saving less, as this could leave them facing financial difficulty in the future," said Reza Attar-Zadeh, director of savings and investments at Abbey Savings.
Credit Card users slow to Pay off Debt
THOSE who feel a giddy joy at the thought of Christmas spending on the plastic be warned - repaying £500 could take a decade if borrowers stick to the minimum monthly repayments.
A survey of 2,000 credit card holders found that 31 per cent do not plan to clear their debts within six months. The figure rose to 38 per cent for those aged between 20 and 29.
The Government recently announced a raft of measure to discourage borrowers complacency. These include forcing credit card companies to raise the minimum monthly repayments.
Precious Plastic will be for the rich, say PwC
OWING a credit card in the future will not be for the shallow-of-pocket if a new report by accountancy firm PricewaterhouseCoopers (PwC) is to be believed.
Their annual analysis of the credit card market, Precious Plastic, predicts that annual fees will become common, interest rates will rise and benefits, such as money off shopping, will require consumers to pay for their cards.
Some people may consider themselves blessed to even get a card in the first place. "Lenders will focus on [customers] that are the most profitable, rather than those that are in the most need of credit," said Richard Thompson, a partner at PwC.
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