Archive for the ‘Recession’ Category

Fight Debt Pay With Cash

With the ongoing mortgage crisis still unfolding, a lot of homeowners have had to go to great lengths to keep on track with their mortgage – even using their credit cards to make mortgage payments!

While credit cards can be a great thing to have in case of emergencies, they have a lot of harmful side effects and it can be argued that they are bad for society as a whole. Once it was the norm to pay with cash. If you couldn’t afford something, you simply didn’t buy it. (more…)

Rent Hits All Time High

UK rents surpassed their pre-downturn peak in September to reach a record high,  according to the latest Buy-to-Let Index.

In September,  UK rents rose to £689,  exceeding those seen in August 2008,  the previous market high.  The average UK rent is now 3. 1% higher than at the same time last year,  following 8 consecutive months of rises. (more…)

House Prices Lowest In 16 Months

A new survey from the Royal Institution of Chartered Surveyors indicates that House prices in England and Wales experienced their largest fall in September since May 2009.

The RICS house price index dropped to -36 in the three months to September from -32 in the three months to August, a drop that the RICS has blamed on supply pressures as homeowners’ rush to sell before public spending cuts kick in next year. (more…)

How to Efficiently Deal with a Financial Emergency

Financial Emergency

It happens to everyone at least once — just when you think you are on top of your finances and your budget is flowing smoothly, disaster strikes. The size of the disaster may not be huge; it could just be a blown tire during your tightly budgeted vacation. Or it could be as big as the loss of a job, a house fire or a disabling health condition. Whatever your financial emergency, you can get through it if you have planned ahead and prioritize. (more…)

Easy Ways to Lower Your Cost of Living

Easy Savings

There have been many articles and books written about ways to lead a stress-free life, and a good many of those publications suggest lowering your cost of living as a good start.

For average or even high earners, lowering your cost of living is an immediate way to get more money. Also, by lowering our expenses we begin to think more about the things we are doing and spending our hard-earned money on. (more…)

Home Loan Approvals Are Up

Home Loans

Home loan approvals rose a little in March, after a slight drop in February, almost 20% up on the year. Mortgage lending has eased off as homeowners paid off debt.

Approved loans for house purchases rose to 34,905 in March from 33,360 in February and up from 29,212 in March 2009 according to The British Bankers’ Association.

The BBA said the figures indicated the effect of the reversal of a temporary increase in the property tax threshold at the start of the year. This had impacted the demand for home loans in February. (more…)

UK Inflation Up More Than Expected

UK Inflation

The Office for National Statistics have said that consumer inflation rose more than anticipated in March, led by a knock-on effect from gas bills that remained static last month after falling a year ago.

Consumer inflation rose to 3.4% in March from 3% in February, another contributing factor resulting in the increase was higher fuel and air fare prices. (more…)

Government Debt Advice Strategy Labelled Failure

Debt Help

A “complete failure” is what a committee of MP’s have labelled the management of the government’s strategy for helping people in debt.

51 different projects since 2004 have been uncoordinated with no-one in charge said the Public Accounts Committee.

The UK population’s total personal debt has almost reached £1.5 trillion. According to the committee’s report 11% of adults were struggling with debts. (more…)

UK Home Owners Inject £4 Billion Equity

Home Equity

UK home owners injected more than £4 billion of equity into their homes in the 4th quarter of 2009 as record low interest rates encouraged home owners to pay down their debt.

Figures release by the Bank of England on Tuesday show home owners added £4.038 billion of housing equity between October and December, the equivalent of 1.6% of post-tax income. (more…)

Saving for a “Rainy Day” – Why Saving Money Is Important

Saving Money

Many of us have gotten out of the habit of saving. We know we are supposed to, but we’ve adopted lifestyles that have us living pay cheque to pay cheque. The result is that when things get a little difficult financially, we can lose everything.

Even minor financial setbacks can become major events, causing stress, unhappiness and financial loss. Saving for a “rainy day” is about more than doing what you’re supposed to do – it’s about taking good care of yourself today, tomorrow and every day in your future.

Imagine being able to always afford life’s little emergencies. Here are just a few of the common little emergencies we face on a regular basis. Perhaps one or two of these resonate with you. (more…)