The experienced informer claims that “consumers should be very, very wary of their banks” as they work towards goals for take up of banking products, whether or not the consumer can afford them. “Every branch of any bank, and every…

Andrew Hagger, head of news and press at Moneyfacts.co.uk, made these comments after some credit cards agreed to lower their late payment fees from £20 to £12 due to Office of Fair Trading (OFT) action. While welcoming this news, Mr…

According to Motley Fool research, 44 per cent of people know their credit file content, but, it adds, 41 per cent have never checked their files. “While many people are unaware of their credit histories, many others are on top…

Starting from the end of this month, Barclaycard, HSBC and Lloyds TSB will reduce charges for not repaying debt from £20 down to £12. “We expect credit card issuers to adjust their default fee levels quickly,” said OFT chief executive…

These claims were made by Norwich Union following its new Retirement Index which shows that 2005 was the worst year for allowing a pensioner to enjoy their retirement free form debt worries. Daren Carter, director of sales and marketing for…

The website wants the OFT to introduce a £12 cap and not to back down on such a move, especially as “unfair” charges can add to debt. “Penalty charges are a huge money-spinner for the banks – the source of…