Once upon a time, it was easy to get a credit card in the UK. Tempting introductory offers of 0% interest were everywhere and balance transfers were free and easy. Well, although it doesn’t seem like long ago, those days are gone. That being said, there are still a staggering number of cards on offer to the UK consumer; a choice of more than 230 in fact. It’s the acceptance criteria that have changed. There seems to have been an attitude shift too; rather than courting new customers, lenders seem to be focussing on holding on to their dependable customers.

So, those with a solid credit rating and a steady job have their choice of good offers. Of course, you can still find the 0% balance transfer. However, there are now charges applied based on the size of balance you’re moving. If this is something you’re considering, there are a few things that you should bear in mind. The rates involved is the key point to consider but it’s also worth checking your rating with one of the three credit reference agencies; Callcredit, Equifax or Experian. Make sure there are no inaccuracies on your file and be sure to query anything that looks wrong.

Essentially, if your credit rating is poor, you’re going to struggle to be approved for more credit, well, any credit stream being offered at a reasonable rate anyway. You should probably look on this as a good thing, as strange as it sounds. Using credit to pay off debt is a very bad idea. This will be a sign that you have a debt problem and finding a solution to that should be your top priority.

Most balance transfer offers that seem too good to be true usually are too. Some will charge a high rate of interest on purchases. So, you’ll get some very temporary breathing space but build up debt even quicker than before. When the introductory 0% period ends, you should have paid off your debt or transferred it to another card. Often the 0% is balanced by high rates when the term ends.

This is not a solution to the problem of bad debt though. It just put the problem off and that is very seldom a good thing when it comes to your personal finance or any other problem. As soon as you find yourself in a difficult financial situation, seek out independent debt advice. Harrington Brooks are one of the longest established and most trusted financial institutions in the UK and their dedicated team of debt advisors are on hand to help you find a debt solution that best suits your personal circumstances. Visit their website and try the free Harrington Brooks debt wizard for a fast and free answer to your debt problem.

An ever popular New Year’s resolution is to get ourselves into shape. Perhaps more worrying than our own festive overindulgence though, is the workout that we have given our flexible friends during the season of goodwill. In fact, for the vast majority of us, the leanest thing about us this January will be our bank account. Sadly though, the opposite can often be said of the outstanding balances on our credit and store cards, which have gorged to bursting and are in need of a strict spell of forbearance. So tempting then, to take advantage of the enticingly low rates of interest that are encouraging us to transfer that big, fat credit card balance onto another card. That tempting 0% deal promises to give you valuable breathing space to trim down the debt – but is it the best option?

In the wake of last year’s festive overspending, more than £7bn worth of credit card debt was transferred between cards as customers searched for a better deal. Transferring your balance for free, in order to take advantage of a lower rate of interest, can help you to solve your mounting debt problem. The rates that are being offered by credit card companies are also a lot cheaper than they were this time last year. So, if you shop around, you can get a good deal. You have to be extremely cautious though. Whenever you are dealing with debt, there are risks and the advertised rates on offer may not tell the whole story. There is always small print.

A lot of attractive balance transfer offers come with a sting in the tail. For example, some will charge interest at a higher rate on any new spending; only giving you the advertised rate on the switched balance. So, you could get 0% on your transferred balance for the introductory period but any new debt will build up interest at an extremely high rate. Also, it’s important that you have either paid off your outstanding debt or you remember to transfer your balance again once the interest-free period runs out. You stand to be hit with a high rate of interest on the remaining balance if you don’t.

There are other debt solutions out there though. If you’re committed to getting your finances in shape and freeing yourself from the burden of bad debt, talk to a specialist debt advisor. Harrington Brooks are one of the longest established and most trusted financial institutions in the UK. Their dedicated team of debt advisors are on hand to help you find the solution that best suits your circumstances. Visit their website and try the free Harrington Brooks debt wizard for a fast and free answer to your debt problem.

A major insurer has released figures claiming that, in the last year, somewhere in the region of 5 per cent of the UK population have had to take time off their work due to stress as a direct result of their debt problems. Even more worrying, a huge 70 per cent of people freely admit they spend a substantial proportion of their time at work, mulling over their personal finances and struggling with potential debt solutions. Obviously, a lot of these people felt that this was having a noticeable effect on their performance at work, with some even admitting to spending in excess of four on-the-clock hours wrapped up in their debt pressures.

Even though meeting their monthly debt repayments and still having enough money left over to pay the regular bills was at the forefront of their financial concerns, more than a third of those approached for comment admitted to devoting work time to worrying about the state of the global economy. However, even with all of this worrying and the ever mounting levels of stress they were under, more than half of those questioned were quite open about the fact that they spent absolutely no time on the management of their own finances each month.

This is symptomatic of the approach to debt taken by a lot of individuals in the UK and is consistently seen to exacerbate their debt problems. Rather than just worry about it, do something! The sooner you face up to debt, the sooner you can seek advice about the best debt solution for you and take real action, the better your situation will be and the easier it will be to clear yourself of bad debt.

Bankruptcies are a last resort for all concerned. Your creditors reclaim a fraction of what you owe them and you risk your home and other assets, not to mention the stigma surrounding insolvency and its impact on your credit rating. Act early and you will be able to take advantage of alternative debt solutions like a debt management plan or an Individual Voluntary Arrangement.

For more information on these potential routes out of debt or for free advice on the right course of action for you personally, take the 15 second debt wizard at Harrington Brooks.

One of the more subtle signs of potential economic recovery is the increased sales of emulsion paint. This is a useful economic indicator as it highlights the present state of the DIY market, which in turn gives us an insight into the state of Britain’s housing market.

On one hand, if you are facing debt problems then DIY can be a great option in making the most of your home. The old ‘make do and mend’ mindset comes to the fore in times of financial difficulty. However, for those of us with more severe debt management issues, like those facing the threat of impending bankruptcy, then selling your home before repossession can help you pay off debt and hopefully, free up some equity for you too.

The tendency to buy a few tins of emulsion paint to do up the house is a common one. This is understandable as there really aren’t any more cost effective ways of sprucing up and revitalising your home; whether you are intending to sell or not. At the same time though, it can be viewed as a bit of a frivolous expense. If the housing market is in a slump, fewer people are looking to buy, so fewer people are selling. This means that the traditional DIY boom time that follows a fruitful season of house sales has not materialised over the last couple of years.

Sales figures for tins of emulsion have been consistently falling for a while now. From the period between the beginning of 2008 and spring of 2009, for all but two months the amount of paint sold was significantly down on the same period of the year before. However, as of April 2009, we’ve seen much improved sales figures. Between April and June of this year, sales were up by over 16% compared to the same three month spell in 2008.

Essentially, this points to an increased number of people who are willing to invest in their homes. Albeit, in an affordable and relatively superficial manner. This may not necessarily mean that we are about to see a sudden revitalisation in the UK the housing market but it has should be noted that property asking prices in London have broken through the record high set in November 2007. Research has shown that the average asking price for property in London rose by 6.5% in September and October of this year, reaching a high of £461,157. The previous record was £412,731 set in November of 2007.

The improvement in sales has not been noticed across the entire DIY market though. In fact, some areas are still in decline. Bigger ticket purchases, like power tools, which tend to be linked to bigger DIY projects, have not fared so well. So, although we may not be out of the debt woods yet, we can see definite evidence of at least partial recovery. It’s all a matter of confidence. If you’re debt help, it makes sense to make small adjustments to your quality of life and carefully manage your budget. If you want to give your home a new lease of life because you’ve decided to stay put, or because you want to try to sell up, buying paint is a relatively cheap, cost effective method of home improvement.

If you’re facing debt problems and would like some advice in how to solve them, or just some pointers about how you can better manage your finances, get free and confidential debt help from a specialist debt advisor like Harrington Brooks, one of the longest established financial practices in the UK (0800 048 1764).

A recent study by the Learning and Skills Council for their Get On campaign has suggested that some shoppers are actually failing to take advantage of the advertised high-street bargains because their poor maths is letting them down. The government campaign highlights the number of people that are struggling to work out the most basic of discounts displayed in store windows. The survey went further, (more…)