Consumer issues will now be handled by the Citizen’s Advice Bureau after the government committed to axing the Consumer Direct helpline.
Consumer Direct is one of around 190 quangos that will be culled by the coalition government as part of the national spending review, with the Citizen’s Advice Bureau charity now assuming the consumer helpline.
Consumer direct was a national body designed to help the general public with consumer issues, with a dedicated website and helpline supporting local trading standards office. Under the spending review, local trading standards offices would be unaffected.
Other changes will see the Office of Fair Trading (OFT) merged with the Competition Commission – a move which will also see the OFT stripped of its consumer protection role. Instead, high profile consumer issues that would have been handled by the OFT will now be handled by local trading standards offices.
Consumer Focus, the government’s official consumer watchdog, is also likely to be scrapped whilst the issuing of consumer credit licences will be passed to the new Consumer Protection and Markets Authority.
Critics have suggested that the cuts will place too much of a burden on existing services, particularly the charitable organisation, CAB. Local t
Read more…
Not unlike facing parents after mischievous events or having to pull weeds on the weekend, dealing with financial problems is an unpleasant task. Sticking one’s head in the sand and hoping it will all go away, does not solve the problem. The effects of procrastination only compound the dilemma. Curtail financial devastation by recognizing early warning signals and adopting a proactive approach. Learn the top ten signs you need a financial makeover.
You Avoid Obtaining Health Care
Many people resist medical care for minor aches, pains or illness. Some may view this as an unnecessary expense or a sign of weakness. However, if illness or injury progresses, the situation may affect an individual’s ability to earn a wage, further jeopardizing finances.
Emergency Equals Panic Attack
Everyone hears repeatedly the importance of saving for a rainy day. Ideally, that means accumulating 3 to 12 months worth of wages. Unexpected events can financially devastate individuals and families. Num
Read more…
Among the debt solutions you should consider, a particularly useful one is refinancing your auto loan. Refinancing your vehicle makes sense if you received a high interest rate on a car loan not long ago, but have seen your credit score improve since then. Refinancing could cut down on the total amount of interest you pay over the life of the car loan, saving you a significant amount of money.
Debt help by refinancing
Another reason to refinance a vehicle is to free up more of your income. The money you save by refinancing a car can be redirected to credit card debt, student loans, and other types of debt. It’s important to examine all aspects of your finances to find debt solutions that work towards improving your overall situation.
Keep in mind the following things about refinancing an auto loan:
- You don’t need an appraisal to refinance your vehicle
- Your refinance depends on your credit score, so take a look at your credit report before applying
- You probably won’t be able to refinance with the same lender who financed your current auto loan
- Shop around to find several lenders who refinance auto loans to compare deals
Debt management plan
If you want to pay off your car sooner, you can refinance to get a lower interest rate but continue to make your old monthly payments. This
Read more…
Leading surveyors have reported that property prices are set for a fall once again as the number of sellers continues to outweigh demand.
The Royal Institution of Chartered Surveyors (Rics) claimed that 44% of its members saw prices fall in the past three months, with only 6% reporting that prices had risen. 50% said they had been stable.
Meanwhile, the Council of Mortgage Lenders (CML) reported that the number of home loans approved in August had fallen by 8% on the previous month. The total number, 51,600, was 3% on the same month last year however.
Uncertainty over the economy as well as high deposits being required by lenders, making it difficult for first time buyers, were blamed for the fall in demand, with Rics spokesperson Ian Perry claiming that it was “very much” a buyers’ market.
“First-time buyers are in particularly short supply as the high deposits required by lenders prevent them from taking their first steps on the property ladder,” he said.
“Without sufficient demand, property prices continue to slip back.
Read more…
Minimum wage workers should see an increase in their pay from this month, with the national minimum wage increasing to £5.93 an hour, up from £5.80.
For the first time, people aged 21 will benefit from the top rate wage, which was previously only compulsory for workers aged 22 or over.
There are also corresponding increases for younger workers, with 16 and 17-year-olds seeing a rise from £3.57 an hour to £3.64. For 18 to 20-year-olds the rate is increasing from £4.83 to £4.92 an hour.
For the first time, a national minimum wage has been introduced for apprentices under the age of 19, who must now be paid £2.50 an hour as part of their apprenticeship.
But the British Retail Consortium, an industry that relies heavily on minimum wage labour, claimed that the government had to be careful that it didn’t discourage further job growth with additional increases.
“Trading conditions are tough, higher costs, such as next April’s National Insurance increase will pile on even more pressure,” said Stephen Robertson, of the BRC.
“Even a small increase in 2011′s minimum wage could choke off retailers’ vital potential to create new jobs.”
The government is also cracking down on employers who flout the minimum wage laws. It said
Read more…
For many young people, getting a credit card is a rite of passage into adulthood. Unfortunately, many people are never taught how to properly handle money and end up struggling to keep up with mounting credit card debt. Here are three of the most common mistakes people make with credit cards:
- Signing up for a credit card with no real income. Many college students and adults with limited incomes fall into this trap. They think that having a credit card is a smart way to pay for books, food, personal items and other expenses they have. But the truth is that unless you have an income, it makes absolutely no sense to sign up for a credit card because it won’t take long to fall behind on bills.
- Co-signing for family or friends. When you co-sign for a card, you’re agreeing to be responsible for all credit card debt in the event your loved one can’t continue making the payments. Are you really willing to take on credit card debt you didn’t run up, or ruin your credit because you can’t afford the payments?
- Using credit cards for everything. Charging up a lot of stuff you know you can’t afford is just dumb. Put off mak
Read more…
Recent Comments