This week: credit card investigation; getting the best from Black Friday; Christmas debt; mortgage woes for 40 year olds; and cash for switching bank accounts
The City Watchdog is investigating credit card market.
The Financial Conduct Authority is concerned that credit cards are being marketed too aggressively pushing consumer to run up debts they can't afford to repay.
It revealed that there are around 30million cardholders who have £56.9 billion of outstanding debt.
Meanwhile UK consumers hold around 70 per cent of all credit cards in Europe.
But what are the tricks they use to make you spend?
Is Black Friday just a retailer trick, or are there bargains to be had?
This year is set to be the biggest Black Friday event ever in the UK as shops seize the chance to have another excuse to flog their over-priced products.
But savvy shoppers won't fall for the tricks which are designed to allow retailers to clear their shelves of old or hard-to-shift stock.
On the other hand there may be some real bargains to be had if you've already planned to purchase certain items.
Christmas debt woes
More than 3.3m still owe an average £780 for last Christmas reckons Pay4Laterwith Londoners twice as likely to still be paying off the last festive season.
Frighteningly, around 660,000 adults say they still owe more than £1,000 they spent during last year’s festive period.
Mortgage woes for older borrowers
People in their 40s are being turned down for mortgages by lenders running scared that future financial regulators could accuse them of mis-selling.
Even people in the 30s could be turned down for a home loan if they were to apply for a longer-than-standard loan.
The Intermediary Mortgage Lenders Association warns that that there’s a growing army of older borrowers who don’t fit into lenders’ standard terms, and consequently could be turned down.
Cash for switching bank accounts
Yorkshire and Clydesdale Banks are offering £150 if you switch to them, while the Co-op pays £100, plus hands £25 to charity.
But choosing a current account on the basis of how much cash they hand you is a costly mistake.Reuse content