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What’s factors do you consider when applying for a credit card? You’d expect the most common answers to this question to include interest rates, penalty fees; unique benefits ECT, not specifically in that order, but at least somewhere at the top. Well according to recent studies, almost all of the most likely responses to this question have been pushed to the way side in place of brand and style.

You heard correct! The most important credit card feature, as determined by 80% of those surveyed is the style and brand of their card. However, it is also important to mention that style and brand is very much a starting point for credit card borrowers, and once their ideal provider has been located, actual financial benefits (as mentioned above) will be used in order to whittle down their options to just one card.

There is at least some reassurance in the fact that consumers do not just use image as the ultimate deciding factor, but questions must still be asked in relation to this type of approach as a whole.

Quite obviously, to choose a card based on a “what’s hot and what’s not” mentality is not at all practical. It is suggested that this type of approach is almost certainly one of the reasons why so many Brits come “unstuck” with their finances.

Credit cards are one of the most expensive ways to attain credit and for this reason alone it is absolutely paramount that consumers are more financially savvy when deciding which card is right for them. 

In other news, analysts have also warned that dew to a national slump in credit card borrowing, many providers may soon start to reintroduce borrowing fees in order to regulate the shift.

Fixed rates mortgages have become increasingly popular over the last few months. More first time buyers than ever are turning to this type of mortgage, as experts suggest that consistently fluctuating interest rates are concerning customers, forcing them to look for more stability in their chosen mortgage product.

It has also been reported that the number of first time buyers looking for a fixed rate deal, with 0% deposit is also increasing. Apparently, the number of FTB’s entering into a fixed rate deal in the month of May, had rose by more than 100% faired against the month previous. New buyers are struggling to raise any type of deposit against their mortgage, and experts predict that the trend will only rise further as more and more lenders gear their products towards such circumstances.

The mortgage industry has been forced to change quite dramatically in order to accommodate market conditions. The most obvious example of this change has been seen through the prevalence of the 100% mortgage. Many lenders have had to come to terms with the fact that many first time buyers are unable to raise the type of deposit that generations previous to them would have been able to.

The average home in Britain is valued at around £200,000, meaning that the usual deposit of 10%, in today’s market, would equate to £20,000. Considering that the average 20-29 year old has an average of £3,000 in savings, raising the additional £17,000, for most, would take a very long time.

Today’s home loan lenders are now faced with two very different conundrums in order to remain competitive. The first, as already mentioned, is the need to offer mortgage products, which require no deposit whatsoever. It is probably fair to assume that lenders are reluctant to do this, but changing times call for desperate measures.

Secondly is the way in which mortgage providers charge for their products. Typically, if a person were to source a mortgage having little to no deposit, the cost of the mortgage would rise quite dramatically as a result. However, due to the highly competitive nature of the mortgage market, not only are lenders going against the grain by offering loans to people with no deposit, they are actually offering very competitive rates of interest.

However, if a borrower is able to offer a deposit to their lender they will obviously be privy to better rates of interest, faired against those who cannot. Analysts believe that the ever-changing landscape of the home loans market will eventually lead to a negative shift in house price trends, although it is highly unlikely that a crash similar to that of the late eighties with be repeated.

Newly reported cases of credit card fraud are becoming more common amongst UK consumers, than ever before. Identity fraudsters have adopted more sophisticated ways of obtaining peoples card details, and are going to greater lengths in order to obtain them.

In response to this rising trend, the Government has introduced new procedures and guidelines, to better allow consumers to report such incidents and to allow card issuers the means to react more efficiently. 

The previous system essentially put the earnest on our countries police forces. If a consumer were to notice strange activity on their card, they would be advised to contact their local police branch. The branch would then record the incident, and produce a crime reference ID for which the card issuer could then refer to. The major flaw with the system essentially stemmed from a lack of coordination between police forces and card issuers, which resulted in a less than acceptable prosecution rate.

Consumers are now encouraged to report any suspicious activity directly to their card issuers, bypassing police forces entirely. The card issuer will then contact a local police unit and will converse with one specific point of contact within the unit, whose responsibility is to solely investigate such cases.

This new, more efficient system should result in considerably higher conviction rates and/or deter potential fraudsters from committing said crimes in the first place.

There have been a number of high profile cases of credit card fraud over the last few months, and it is reported that card fraud has increased by around 350% in the last 10 years. Annually, card fraud costs issuers around £1 billion and is rising by around 15% year on year. Card issuers, credit reference agencies and the Government are constantly working in tangent, in order to stamp out such crimes completely.

To one day buy a little place in the sun, is a dream that many of us have. However, according to a recent report, large amounts of people in the UK are turning that dream into a reality.

Approximately 1 out of every 4 Brits has an overwhelming desire to purchase property abroad, with a further 1 in 10 taking the extra step and actually making it happen. The vast majority of people moving abroad hail from the more southern parts of Britain, with a remaining 10% of people coming from the North.

Consumers who are intending to move abroad either temporarily or permanently are advised to thoroughly plan their finances and to ensure they have adequate arrangements in place. One of the biggest mistakes that many Brits who intend to relocate abroad often make, stems from a miscalculation of their financial needs.

The cost of living in certain parts of the world can be considerably less than in the UK. However, it is very easy to exclude compulsory requirements from your planning pre emigration, which result in financial hardships as a result, turning a would be dream into a nightmare.

It is advisable to seek the help of a financial advisor well in advance of your move, and to schedule a meeting with your bank to ensure you have all the facilities available to you, that you would require.

In addition, the research revealed that the most common destinations for 60% of Brits intending to move abroad include most of Western Europe (Southern France and Spain being the most popular). A further 20% favoured certain parts of America, and of course Australia.

According to recent research, a number of financially strapped UK consumers are opting to waiver on loan repayments, prioritising “critical” credit commitments instead.

It has been revealed that 1 out of every 20 borrowers, who has suffered financially as a result of recent interest hikes are choosing to default on loan repayments in order to meet mortgage commitments.

The survey, which was conducted by a UK based loan and mortgage advisory site, suggests that consumers appear to be under the impression that loan repayments are not as important, from a financially detrimental perspective, as say a mortgage repayment. However, loans can be just as detrimental, specifically from a credit reference point of view.

Every time a consumer opts to miss a payment (also known as defaulting), a record of the incident is recorded on their personal credit file. The biggest problems arise when the consumer attempts to obtain a new credit agreement, only to be told that their application has been rejected due to a negative repayment history.

The primary reason for a person prioritising a mortgage repayment, over any other form of credit commitment, usually stems from the fact that their home could become at risk, if continuous payments were missed. Although there is logic in this type of action, it is also important for people to remember that certain loan types behave in the exact same way.

For example, a secured loan (or home loan) is issued to the borrower on the understanding that their property is used as collateral against the lend. If a borrower were to miss repayments, the lender would legally be entitled to call back the debt thus putting the person’s home at risk, in the exact same way as the original mortgage provider.

It is widely acknowledged that times have become incredibly tough for a number of people in the UK, in particular those people who live below the poverty line. Although the option of hiding from your problems can be tempting, the action of doing so will undoubtedly make a tough situation considerably worse.

If you are struggling with your credit commitments, it can sometimes be worth contacting your credit providers to explain your current situation. Failing that, you could also contact a debt charity or public service body such as the CAB.