Christmas lights are up, Christmas trees are up, Christmas
adverts are on the TV and Christmas songs are being played in the shops. Christmas really has come early this
year. I’m not a total bah humbug but
just remember that if you intend to fund Christmas on credit, it will have to
be repaid at some point! I’m currently
being bombarded by 0% balance transfers on credit cards and increasing credit
limits, when I’m not even using them.
The temptation is huge. The
problem is, these companies need you to use their cards and they will do
everything to tempt you. However, they
are also the quickest to jump should a payment be missed or late. Be wary that one or two late or missed
payments could result in a default registered against you that you may not even
know about until you next apply for credit, insurance or some other financial
requirement. Christmas is for Christmas,
make sure it’s not for longer..
There is a 40% chance that rates will go up in 2014,
according to the new Bank of England Governor Mark Carney. Following recent comments that rates would
not rise until unemployment fell below 7 per cent, a recent report suggested
that national unemployment had fallen to 7.6 per cent in the three months to
September. The Bank’s quarterly inflation
report forecast now suggests that there is a 40% chance of a rise in 2014, a
60% chance in 2015 and a two-thirds chance in 2016. Nationwide Building Society has reported its best half year of lending for five years. The lender advanced £14bn in the first six months up to end of Sept. This is 37 per cent up compared to the same period in 2012.
Finally, one of the mortgage trade magazines suggests that
the Financial Conduct Authority is in talks with 21 firms ahead of them
applying for full bank licences.
Although at ‘informal pre-application’ stage, this is positive sign that
funding is available and competition is likely to return to all sectors of the
market. This can only be good news for
the end consumer!
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