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- Debt consolidation loans 'to near £3bn before Easter' - 22nd January, 2009
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An increasing number of people could be tempted to compare loans in order to make debts easier to manage in the coming weeks... - Cash-strapped Brits 'could save £20bn by consolidating debt' - 19th January, 2009
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Brits struggling with a large debt burden during the credit crunch could save a total of around £20 billion by consolidating what they owe, according to uSwitch.com.
The price comparison website calculates that the average household could save around £803 in interest over five years by consolidating all their unsecured debt such as loans and balance transfer credit card bills into one lower-cost form of credit, such as a cheap personal loan.
Louise Bond, personal finance manager at uSwitch.com, said: "Borrowers need to be aware that taking out a loan or credit cards to consolidate debts must be approached in a disciplined way and should not be treated as a quick-fix solution to debt problems."
However, she added that consolidation could give people the best chance of managing their debts during the credit crunch... - Business confidence hits 16-year low, survey says - 16th January, 2009
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Businesses in the UK are less confident than they have been at any time in the last sixteen years, according to a survey conducted by Lloyds TSB.
The bank found that the worsening economic climate of the past few months - which has made it increasingly hard to take out cheap loans and buy to let mortgages - has caused a 32 per cent slide in its business confidence index... - Lloyds TSB welcomes government scheme for business - 15th January, 2009
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Lloyds TSB has welcomed the government's decision to make £20 billion worth of funding available as guarantees for cheap loans to small and medium-sized businesses.
The scheme, announced yesterday by business secretary Peter Mandelson, will see the government acting as a guarantor for half of all cheap loans made by banks to small and medium-sized enterprises in the UK... - Co-operative Bank launches new mortgage - 13th January, 2009
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Customers looking for buy to let mortgages may be pleased to know that another option has emerged onto the market, provided by the Co-operative Bank.
The bank's new offering charges a fixed interest rate of 4.49 per cent for the five-year term and will be made available to the public from January 14th.
Co-operative Bank's new mortgage, which could be useful for those seeking to make property investments, charges an application fee of £1,495 but offers free standard legal and basic valuations for remortgages... - Lloyds TSB announces further help for SMEs - 7th January, 2009
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Lloyds TSB has announced that it will help its small and medium enterprise (SME) customers by passing on in full any cuts in the base rate, amid rumours that the Bank of England is preparing to cut the base rate again later this week.
The commercial bank said that the move is part of its six point plan for SMEs and will affect those businesses with variable rate overdrafts and cheap loans... - UK's personal debt increases - 5th January, 2009
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The UK's personal debt has increased by a total of £1 million every ten minutes during 2008, according to figures released by Credit Action today.
Credit Action found that the total amount owed by individual Britons stood at £1,456 billion at the end of November 2008 - an increase of £56 billion on the previous year - despite the fact that the credit crunch has made loans harder to come by in recent months... - Sorting out finances 'tops New Year's resolutions list' - 23rd December, 2008
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A survey has shown that the most popular New Year's resolution for Brits as they move into 2009 will be sorting out finances.
The poll, conducted by Gocompare.com, found that more than 20 million people plan to make New Year's resolutions this year and 60 per cent of them put their financial situation on the top of the list of things they have to change... - Personal loans 'are becoming more expensive' - 11th December, 2008
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Cheap loans are all but disappearing from high street banks and building societies, a recently published study has discovered.
According to the latest data released by uSwitch.com, six months ago, 23 per cent of loans on offer in the UK demanded interest payments of under eight per cent.
The price comparison website said that now not a single lender is offering less than eight per cent interest on a loan and the cheapest rate is now 8.2 per cent.
Louise Bond, personal finance manager at uSwitch.com, said: "This has marked the death of the sub-eight per cent best buy loan era which is really bad news for consumers trying to consolidate debts."
She added: "The cuts by the Bank of England are not being felt by people looking to take out a personal loan."
Earlier this month the Bank of England reduced the base rate of interest to two per cent, in an attempt to help cash-strapped customers struggling with expensive loans and mortgages... - BBA welcomes statutory code for banks - 4th December, 2008
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The British Banking Association (BBA) has welcomed a move by the government to make the voluntary code of conduct for banks legally binding.
As a representative body for the banking the industry, the BBA said it had been involved in months of discussions with the government and the Financial Services Authority (FSA) over the changes...