The recession has bitten hard into the confidence and budgets of consumers and has reflected itself in recent research that has indicated that 1 in 5 Britons plan to spend less this year at Christmas. The survey, published by Gfk NOP, covered 1,000 adults and also indicated that just 1 in 10 plan to spend more on gifts this year compared to last. The study implies that we will all be spending around 15% less this Christmas compared to last – a sure sign that we are all far more cost conscious and concerned that times are still tough.  Read more... (475 words, 1 image, estimated 1:54 mins reading time)

What Is a Credit Score?

A credit score is a way for lenders to decide how much of a risk they are taking by lending you money. The actual credit scoring system used will vary from lender to lender and different companies will have different attitudes to risk – so although one company may reject you for credit, another may be happy to give you a credit line.

It is a myth that there is a universal credit rating or a credit ‘black list’. However if one company believes you are too high a risk and won’t lend you money, it is highly likely that many other companies will take the same view.  Read more... (1280 words, estimated 5:07 mins reading time)

In Russia and the Ukraine, devious criminals have discovered a way to get ATMs to print out a list of all the debit cards used recently in the machine, including start and expiry dates and the PIN associated with the card. This information can then be used to clone debit cards by the gangs.

Previously, the big ATM fraud was to use a fake ATM fascia. This fascia would contain a card reader to skim the card details, and a pinhole camera to capture the user’s PIN. Banks have invested heavily in anti-skimming technology and can now detect fake overlays and disable the ATM accordingly. In 2008, it is estimated by the European ATM Security Team (EAST) that ATM fraud grew by 11 percent to 484 million Euro.  Read more... (576 words, estimated 2:18 mins reading time)

Overpaying your mortgage, particularly now when interest rates are low and therefore mortgage payments have decreased for those on tracker mortgages, could reap rewards in the long-term by substantially knocking down the amount of interest that you pay in total on your mortgage.

The base rate has tumbled and those who overpay their tracker mortgages may find the interest they pay over the term of their mortgage is significantly reduced. Home owners with a mortgage of £150,000 may have seen their mortgage payments fall by as much as £500 a month over the last year leaving them with £500 extra money per month.  Read more... (282 words, estimated 1:08 mins reading time)

Pension rules are changing as of next year meaning savers will have to wait longer until they unlock their pension cash.

After April 6 2010, the earliest age at which pensions can be drawn will be raised from 50 to 55, although those who have to retire early due to ill-health will still be able to draw their pensions before they reach 55.  Read more... (355 words, estimated 1:25 mins reading time)

With many companies making staff redundant, many people are considering setting up their own businesses. However in the current economic climate, it can be difficult to access funding from banks and some new business owners are looking for more than just a loan, they are looking for experienced entrepreneurs to help them get their fledgling companies off the ground.

Business Angels can be the answer. Business angels tend to be entrepreneurs or retired executives who are actively looking to back new companies.  Read more... (339 words, estimated 1:21 mins reading time)

We are all aware of postcodes however you may not be aware of the number of companies who classify you according to your postcode. Initially setup and used by the post office, many more companies now use postcodes as a way of classifying households.

The initial one or two letters in your postcode defines your postal area from 121 main sorting offices. The numbers in the initial part of the postcode then denotes the deliver office. The first number of the second part of the postcode define the postcode sector, of which there are around 10,000. The final two letters of your postcode breaks the address into a group of 1-99 properties. Each postcode on average will serve 15 addresses.  Read more... (545 words, estimated 2:11 mins reading time)