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By Julia Kukiewicz Staff Writer
Friday, 20 March 2009
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Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (13 Mar 09)
JULIA Kukiewicz's personal finance news roundup reveals if you can really save at Asda, whether or not Friday the 13th is unlucky for insurers and how does dishonesty make Brits over half a million quid a year.
Money News Roundup (06 Mar 09)
JULIA Kukiewicz's personal finance news roundup finds out if tax credits cause divorce, if free banking is ending and whether Nationwide have abandoned free credit cards abroad.
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.
Seven Ways to Punch the Credit Crunch in the face
It's the little purchases that will make a big impact on your finances during the credit crunch. Follow Julia Kukiewicz's easy guide and do seven little thing that will be a big punch in the crunch's the face when you're shopping, on holiday or even surfing the net.
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Money for old gold, new laws to make credit cards a better deal for consumers and how complicated forms could cost you in this week's roundup.
Gold Rush
AS investors seek safe investments the price of gold has soared.
But this isn't just good news for pirates and the Swiss, yourgoldforcash.co.uk launches this week and is offering cash for unwanted and broken gold jewellery.
You even get a free pre-paid envelope to send it to them and the opportunity to back out if you disagree with the valuation.
Nationwide calls for Credit Card Billing Changes
FOLLOWING a new law in the United States Nationwide has called for changes to credit card billing structures.
Nationwide's new plan would see an end to current problems consumers can face with opaque allocation of payments small print. This small print can charge for any type of payment first - for example, a 0% balance transfer payment - leaving potentially more expensive items to accrue interest for as long as possible.
The US law means that providers will be obliged to pay off the most expensive item first when it comes into effect in around a year.
"Consumers can ill-afford to lose this much money, especially in the current financial climate." said Jeremy Wood, Nationwide's consumer finance director. Jeremy, we agree.
Crackdown on Credit Cards
IN other credit card crackdown news, the government said this week that it will introduce legislation to help consumers avoid getting into debt.
The new laws will stop card firms from raising the credit limit of a customer when this has not been requested and ban unsolicited credit card cheques being sent to consumers.
Credit card cheques are subject to the allocation of payments trick outlined above. They look like the normal cheques that you'd use for a current account, except you don't need to have the money immediately to hand. Credit card cheques usually carry more expensive charges than purchases made with the actual credit card.
Whether these measures will truly help people who are determined to borrow money, however, is still up for debate.
As Apacs points out, only 7% of the cheques sent out are actually used and they don't increase credit limits.
Banning or curbing high-interest credit only tells half of the story. Good debt advice and the ability to compare credit cards effectively are the only way to get people out of debt.
Brits not on form for forms
OVER-COMPLICATED forms to renew home insurance are the reason that nearly a quarter of Brits don't look for a better deal according to a survey by gocompare.com.
Gocompare.com warned that bamboozled consumers who simply read and file their renewal documents are potentially missing out on "significant" savings.
Hayley Parsons, chief executive of Gocompare.com particularly emphasized that looking at your insurance closely is important when your circumstances have changed. "Renewals contain important information which could affect your financial wealth," Parsons claimed.
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