Peter Payack Finance

New graduates and employers bolster Egypt economy

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Laura Ashley reports a fall in like-for-like sales for the past five months due to “tough trading conditions”.

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Camera-maker Polaroid files for US bankruptcy protection amid allegations of fraud by the founder of its parent group.

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Rising numbers of parents are seeking to move children from private to state schools amid the credit crunch, a survey says.

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UK consumer confidence improves for the second month in a row, suggesting VAT and interest rate cuts are working.

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Minutes from the latest Monetary Policy Committee (MPC) meeting have shown that the Bank of England considered a larger base rate cut before settling on a 2% rate.

The MPC decided that a 1% cut was the minimum required, but avoided dropping the base rate further on the grounds that it could ‘hit the pound and undermine confidence in the economy’, the BBC reports.

It had been hoped that a base rate cut would encourage lenders to offer lower rates on loans, and while some lenders passed on some or all of the cut to their mortgages, the rates on personal loans and business loans have remained relatively unchanged.

A loans expert for Think Money commented: “Even though the base rate is at its lowest for over 50 years, lenders have still been cautious about lowering their loan rates, largely due to the relatively high cost of lending between banks.

“However, the news does suggest that there are further base rate cuts ahead – and if that happens, we may see lenders offering loans at more competitive rates.”

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Think Money work with a panel of lenders to offer a range of loans. If you are thinking about getting a loan, contact one of our expert loan advisers today.

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How cars drive the economy of the West Midlands

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A new survey has suggested that two million British homeowners are considering taking a mortgage payment holiday to help fight off the effects of the recession.

The research, carried out by Uswitch.com, also suggested that 12% of households with a mortgage wrongly believed that the interest would be frozen during a payment holiday, while 6% believed it to be completely free.

The comparison site also warned that a 12-month payment holiday could add around £10,000 onto a £150,000 mortgage, with monthly mortgage payments after the holiday increasing by £80 as a result.

A mortgage expert for Think Money said: “A mortgage payment holiday can be a lifeline for homeowners who are struggling to meet their commitments, but as the research states, it can also add a significant amount to mortgage repayments in the long run.

“We advise anyone considering a mortgage holiday to seek expert debt advice beforehand and consider all options before making a decision.”

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Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.

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The websites that offer to reclaim your tax for you

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One in ten adults are still carrying credit card debt from last Christmas, The Telegraph reports.

According to the Bank of England, the paper reports, consumers are carrying £53.1 billion of debt on their credit cards.

This is two and a half times what they owed a decade ago: ‘In the last three years the total level has stabilised, but there are concerns it has recently started to climb again as struggling consumers cope with the impending recession by turning to plastic.’

Furthermore, The Telegraph continues, credit card debt has also become more expensive, with the typical APR (Annual Percentage Rate) now 17.59%, up from 16.8% last November.

“People should always avoid debt whenever they can,” said a debt expert for Think Money, “but it’s particularly vital in the run-up to Christmas, when there are so many things they feel they have to spend money on, from gifts and food to celebrations and holidays. When people run up credit card debt they’re not certain they can pay off quickly, they’re setting themselves up for a poor start to 2009.”

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Think Money offer a range of debt solutions, such as debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements). If you are worried about your debt, contact one of our expert debt advisers today.

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