Which? demands action over unauthorised overdraft charges

January 20, 2012 – 11:47 am

Bank charges on unauthorised overdrafts are “too high, too complex and impossible to compare”, according to a report from consumer organisation Which?. It is calling on the financial regulator to put a stop to these “complicated and exorbitant” charges.

Which? asked a group of consumers to work out the cost of an unauthorised overdraft at four different banks by giving them a mock bank statement. Not one got all the calculations right, with the volunteers only managing to get seven out of 48 correct between them. One volunteer, despite currently studying for a PhD in maths, only got two out of the four calculations right.

Which?

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Tags: Charges, Unauthorised Overdraft

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How college students can eliminate their credit card debt?

January 19, 2012 – 2:59 pm
Students are frequently using credit cards these days but due to lack of financial discipline they end up incurring insurmountable amount of debt. These young students exhaust their credit cards as they fail to manage their finances properly. The credit card allures the young generation to splurge and entice them to lead a flamboyant life. As the students can’t see the virtual money going out of their pocket so they keep on exhausting the credit limit to purchase their desired object. And mean time when they realize it they find their debt spiraling out of control. If you are in a similar situation then diligently work on paying off the unsecured obligation to get relief from debt.
Here are a few ways to pay off the credit card debt:
  • The credit card companies are targeting the young student so they set up booths on college campuses to bring the applications to the students. T

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Tags: Credit Card Debt

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Marc Faber: Global Collapse will Happen Eventually, Monetary Problems Today Can Not Be Solved

January 14, 2012 – 4:47 pm

Editor of Gloom Boom and Doom report and investor, Marc Faber, believes that there is going to be a global collapse eventually. But he is convinced that one day the whole derivative markets will cease to exist. You can postpone the problems with monetary measures for a very long time but you can not solve them.

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Tags: Collapse, Global Collapse, Marc Faber

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Are You $10,000 In Debt And Behind In Payments?

January 12, 2012 – 8:42 pm

If you are, you are a member of a huge number who are in the same position. The economy may be coming back but surviving the past few lean years may mean that you relied too heavily on credit cards to make it through. Now, you feel the strain of being overwhelmed with credit card debt. You can start to dig out from under that dilemma today by considering debt settlement as an option.

American consumers with debt of $10,000 and up have found that using debt settlement as a tool to negotiate new balances with creditors is an effective and rewarding way of tackling the problem of massive debt. It doesn’t require a lawyer, it doesn’t require court action and the consumer can stay in control of the situation. The burden of negotiation can be placed with a debt relief company, who has experience with creditors and can help guide you. All you have to do with stick with a payment plan and then get back to leading your life.

Debt settlement works by consolidating every account of your choice that you feel you can no longer pay and then sets up an account that you make one monthly payment to. Tha

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Austerity plans will hit families hardest

January 6, 2012 – 5:44 pm

The Family and Parenting Institute (FPI) today warned that families with children will be worst affected by the Government’s proposed changes to tax and benefits.

A study by the Institute for Fiscal Studies on behalf of the FPI suggests that the average income of families with children will fall by 4.2 per cent by 2015-16, representing a loss of £1,250 a year.

For families with four or more children, the average drop in income will be even higher at 5.2 per cent.

In comparison the study calculates that average household income will fall just 0.9%, or £215 a year.

Dr Katherine Rake, the FPI’s CEO said: This research confirms that families with children are shouldering a disproportionate burden.

Although the government will launch the phased implementation of Universal Credit benefit from 2013, the overall change for families will be negative, according to the report.

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Tags: Families, Families Hardest

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