Money Saving News for February 2010
- Lovemoney.com identifies the 'best balance transfer credit card' - 26th February, 2010
Britons who are paying interest on outstanding credit card debt have been told it "makes sense" to move that debt onto a zero per cent balance transfer credit card.
Serena Cowdy of lovemoney.com stated that the Virgin Money credit card is the best on the UK market, provided consumers are aware of how to use the balance transfer card product... - Moneysupermarket.com's loan information figures reveal overdraft crisis - 25th February, 2010
New loan information figures have revealed that five million adults in Britain are permanently in their overdraft.
According to moneysupermarket.com, ten per cent of the British adult population are always in the red with their banks... - NAPF wants government to simplify reforms to personal pension plans - 25th February, 2010
An industry lobby group has called on the government to cut generous tax breaks on wealthy personal pension plan holders in the next budget.
The National Association of Pension Funds (NAPF) claimed that by slashing tax breaks the exchequer would save millions of pounds, while it would also simplify complex rules on saving which are due to be enforced in 2011... - Standard Life claims personal pension plan holders are not claiming full tax relief - 24th February, 2010
Many Britons saving through personal pension plans are only receiving half of the tax relief they are entitled to, Standard Life has claimed.
The provider stated that the onus is on the individual personal pension plan holder to re-claim higher rate relief provided they are eligible.
It has been alleged that some Britons miss out on these benefits because of apathy, while others simply do not realise that the responsibility rests with the individual... - Lovemoney.com advises borrowers to consider a balance transfer credit card - 24th February, 2010
Britons have been advised that taking out a zero per cent balance transfer credit card could be an effective method of tackling the problem of interest charges.
According to a new study by the money education charity Credit Action, interest charges make up an enormous percentage of many consumers' outgoings... - Expert says SIPPs are not necessarily the best savings option - 23rd February, 2010
There is not a definitive answer as to whether a self-invested personal pension (SIPP) is a better savings vehicle than an individual savings account (ISA), a personal finance expert has stated.
Francis Klonowski, principal of Klonowski & Co, explained to moneywise.co.uk that the decision will often depend on the particular needs of an individual... - Lending market experiences quiet 2009, according to BBA loan information figures - 23rd February, 2010
Demand for new personal loans receded throughout 2009 as a result of the economic downturn, new loan information figures have suggested.
Indeed, the majority of lenders found that consumers were focusing on making repayments rather than accruing more debts... - Pre-Budget report damages the SIPP market - 22nd February, 2010
The pre-Budget report dealt a potential blow to the self-invested personal pension (SIPP) market with its reduced tax incentives on personal pension contributions for Britons earning £150,000 or more, the FT Adviser reports.
New rules have since been implemented on pensions for those earning in excess o £150,000.
Under the new legislation, tax relief on pensions will be slowly eroded until, at an income of £180,000 or more, investments into pensions will only warrant tax relief at 20 per cent.
This means high-earning Britons may now be paying 40 per cent or 50 per cent tax on their income at retirement, but may only receive 20 per cent tax relief on their pension contributions... - Loan information research reveals negative effect of money woes - 22nd February, 2010
Many Britons believe that personal finance problems have had a negative effect on their health and personal lives, new loan information figures have suggested.
According to Research conducted by GE Money Home Lending, 45 per cent of adults think their health and relationships suffered as a consequence of their poor financial situation... - Western Credit Union offer best rates for car loan customers - 19th February, 2010
Approaching Westport Credit Union for a cheap loan for a vehicle may be the best bet for motorists looking for the most prudent financial deal, research has revealed.
The Irish Independent looked into the car loan rates of 50 credit unions and five leading banks as part of a study and discovered that going with the former provided drivers with the best deal...