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By Julia Kukiewicz Staff Writer
Friday, 14 November 2008
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Money News Roundup
If you only do one thing with your money this week...
If you’re carrying a balance over on an ever-increasing interest rate then you should compare 0% balance transfer credit cards.
The longest deal currently on the market is Virgin’s credit card which is offering 16 months for you to pay off your credit card debts interest free.
If you want a credit card that you can still use for some purchases whilst paying off your debts try Halifax's All in One card which offers a 0% on purchases deal that is as long as the balance transfer deal, 10 months.
 Compare credit cards offering 0% on balance transfers
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Compare credit cards now in short supply
The best credit cards are fast dwindling, so follow this useful guide and compare credit cards that are increasingly in short supply.
Money News Roundup (07 Nov 08)
A glance back at this week's personal finance news, including why you should compare credit cards that include credit cards.
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THE best of this week’s money news, including how a cat is picking stocks over at London’s favourite daily, and why you should compare credit cards offering a 0% balance transfer deal.
A Kitty for a Kitty
WONDERING if there’s any point trying to make financial predictions in these topsy-turvey times? The folks at the Evening Standard are right there with you.
They’ve set a contest that pits the wits of stockbrokers against the cuteness of a small cat. What will become of the imaginary £5000 they’ll each invest in 5 shares?
In a paean to pre-bailout capitalism Standard hacks promise that if the cat loses, he’ll “get it”. Conversely, if stockbroker Jeremy Batstone-Carr loses he’ll have to forfeit a surname.
Truly, the stakes are high. Look out for updates in the coming weeks.
Beware of Sharks
FROM cats to sharks. Loansharks that is.
Any of you who read about the Argos 222.7% interest rate store card will be unsurprised to learn that unconventional forms of credit are going through a boom period.
Unless you saw this week’s Working Lunch on BBC 2, though, you may not have realised how bad the problem is getting (I know I didn’t).
A nationwide task force set up to combat the illegal loans reported that for every £100 borrowed victims have to pay £185 back.
Sadly, victims are routinely forced into drug-dealing or prostitution to settle their debts.
Compare credit cards that can help improve your credit score
Credit Card Crunch
THE decline in credit card’s acceptances isn’t helping the trend. Credit card charges have been creeping up and deals disappearing, Moneyfacts announced this week.
The sudden disappearance of some of the best 0% balance transfer deals on the market from big names such as Capital One and the Royal Bank of Scotland this week is the most obvious example of credit cards getting well and truly crunched.
More subtly, though, the average rate across all credit cards has increased from 16.8% to 17.2% in the past three months as the companies arm themselves against defaults.
Many cards have also increased charges for services such as foreign transactions and purchases. Seven credit cards have even cut the number of interest free days available.
"Deals are starting to reduce fast and consumers could find they have no where left to switch their debt too and will have no choice but to pay the higher APR," Michelle Slade, the Moneyfacts analyst, warned.
We’re not there yet though, see below.
And Finally, if you only do one thing this week...
SO finally, if you only do one thing this financial week make sure that your credit card is working for you instead of against you.
It’s generally good practice to avoid all unnecessary charges when it comes to credit cards but if you’re carrying a balance over on an ever-increasing interest rate then 0% balance transfer credit card deals are still available to you.
The longest deal currently on the market is Virgin's credit card which is offering 16 months for you to pay off your credit card debts interest free.
If you want a credit card that you can still use for some purchases whilst paying off your debts try Halifax's All in One card which offers a 0% on purchases deal that is as long as the balance transfer deal, 10 months.
Compare credit cards offering 0% on balance transfers
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