Finance Matters

• 30Aug

  Middle class families in the South East have largest debt

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  From The Telegraph:

  Middle-class families in London and the South East of England have run up the largest debts in the country with some owing more than £50,000, a survey has revealed. The inhabitants of prosperous areas in the southern parts of Britain have borrowed almost four times more than their counterparts in parts of Scotland and north west England, according to a study by the credit reference agency Experian. The research has also shown that the average individual’s debts have risen by more than £2,000 in the last year.Bankruptcy fears for families as average debt hits £60,000How to make a profit from the credit crisisCut your household bills | Reduce your water billExperian used its records of what people owe on mortgages, personal loans, overdrafts, credit and store cards and hire purchase agreements to calculate how much debt there was in each of the 286 postal code regions. The agency found that those in the areas with the highest property prices had run up the most debts. T…

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• 30Aug

  Borrowers must apply ‘four times’ to get mortgage, survey says

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  From The Telegraph:

  Nearly half a million mortgage or loan customers are having to apply more than four times in order to successfully secure credit, a survey shows today. July’s mortgage lending is lowest since 2002While just over 400,000 could not get a mortgage or loan despite repeated attempts, according to GE Money Home Lending.The findings follow hard on warnings from the Bank of England and the Council of Mortgage Lenders that homeowners may find it even more difficult to get a mortgage in the coming months.The survey said that with lenders tightening their lending criteria in the face of the credit crunch, previously credit worthy people being classed as a higher credit risk.As a result, many consumers were finding it more difficult to secure the credit they needed.advertisementThe news is a further blow for borrowers struggling to find the extra cash to meet the rising cost of living.Louise Cuming, the head of mortgages at Moneysupermarket.com said: “We are no way near the end of this – unem…

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• 30Aug

  Families face further rises in gas bills

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  From The Telegraph:

  More than 14 million households are facing a rise of up to £260 in their energy bills after two leading suppliers increased their prices.The increases mean millions of cash-strapped families will pay almost £1,300 a year for gas and electricity.E.ON is raising electricity prices by 16 per cent and gas prices by 26 per cent while Scottish and Southern Energy is increasing electricity by 19.2 per cent and gas by 29.2 per cent.advertisementIt comes as the Government’s new fuel poverty chief said many people face the choice of “heating or eating this winter”.Energy bills up againFamilies at risk from profiteeringDerek Lickorish told Channel Four News: “What we’re looking at the moment is the largest number of households in fuel poverty that we’ve had for the last 10 years or so. And we expect something like five million households to be in fuel poverty this winter.He added: “It’s about 20 percent of all households in the UK and we haven’t seen that as I say for more than 10 yea…

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• 30Aug

  Is Russia now too risky to invest in?

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  From The Telegraph:

  Kara Gammell asks the experts if politics could harm the country’s long-term economic prospects.
  James Davies, investment research manager at Chartwell, says: “One of the factors that separates emerging markets from developed ones is that in emerging markets the actions of government generally have a far more pronounced effect on market movement. “The events of the past couple of weeks have demonstrated that Russia is still an emerging market. Russia is a land of enormous opportunity, but also risk, and the world looks a very different place from Moscow – something that is not always appreciated in western Europe.”
  A lot of the growth can be attributed to rises in commodity prices, says Reynolds.
  Justine Fearns of AWD Chase de Vere says this has worried some investors but she warns it is important to remember that Russian oil and gas companies are generally more efficient than some of their international counterparts which creates a slight cushion against falling prices.
  M…

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• 30Aug

  Fraud: donâ??t get caught out by the conmen

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  From The Telegraph:

  Fraudsters use various ways to get your money. Jonathan Phelan reveals how to keep your cash safe.
  Take care of your money. Our research indicates that the average victim of a typical investment scam, called a boiler room, loses £20,000. We hear of people who have spent hundreds of thousands of pounds from their pensions and savings – or even borrowed cash – to spend on transactions that turned out to be a con.
  Jonathan Phelan is head of retail enforcement at the Financial Services Authority….

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• 30Aug

  Bankruptcy fears for families as average debt hits £60,000

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  From The Telegraph:

  Britons are facing a growing threat of bankruptcy, as latest figures show the average household is almost £60,000 in debt. 25 million households in UK are carrying an average debt of £58,461Experts warned that despite the credit crisis and stricter conditions on lending, cash-strapped Britons are suffering from years of indulging on relatively cheap borrowing.Figures show the total outstanding UK consumer debt – including credit cards, loans and mortgages – has increased by 7.3 per cent to £1,444 billion over the past year, up from £1,346 billion in June 2007.There are almost 25 million households in the UK, therefore carrying an average debt of £58,461.Families face further rises in gas billsMortgage conditions ‘set to worsen’Families at risk from profiteeringadvertisementStephen Gifford, Grant Thornton’s chief economist, said: “The figures clearly illustrate the continuing problems of growing personal debt levels in the UK. If the property market an…

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• 30Aug

  Female fund managers: we donâ??t need super-women, just super returns

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  From The Telegraph:

  Katherine Garrett-Cox – dubbed “Katherine the Great” – made headlines again this week after being appointed chief executive of the £2.6bn investment trust company, Alliance Trust.
  Despite this, her name is often linked with other high-flying women such as Nicola Horlick, who have created waves, – and £1m plus pay-packets – in the male-dominated investment world.
  There has, however, been a reasonable amount of research on the differences between men and women when it comes to investment. Apparently, male investors tend to take a more aggressive approach to share dealing, trading more regularly and following stock market fads and trends.
  Although no one is yet prepared to say so on the record, the mutterings from many of the main banks is that the worst may be over – at least when it comes to mortgage pricing. The cost of fixed and tracker-rate mortgages has been heading south in recent weeks. Since the start of July, our biggest lenders have…

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• 29Aug

  Families see energy bills rise over £1,300 after record price rises

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  From The Telegraph:

  Families will see annual energy bills rise over £1,300 after the steepest gas and electricity price rises on record.The last two major power firms have announced increases in energy charges for 12 million households.Npower is putting up the cost of gas by an average of 26 per cent and electricity by 14 per cent with immediate effect. It will mean an extra of £162 pounds for gas and £60 on the average household bill for energy from the company which has 6.6 million customers. It takes the annual bill for combined energy customers to £1,267.advertisementHouseholders more pessimistic than ever about UK economyMore on economics | Your MoneyScottish Power has announced it is raising its gas prices by 34 per cent, the biggest hike of any power firm so far, and electricity by nine per cent for its 5.2 million customer from Monday. It means the average annual gas and electricity bill for the company’s customers will be £1,375.Both companies blame soaring wholesal…

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