THE Bank of England last week hiked interest rates to 1.75%, the biggest increase in 27 years - but what does that mean for your credit card debt? Millions of people struggling in the cost of living crisis may be tempted to take on more debt to cover the cost of essentials - but it's important to understand how rising rates could affect you. Generally, interest rates on credit card are variable, which means they go up and down - but they aren't usually linked to the base rate set by the Bank of England . However credit card rates have been increasing in recent months , and may well go up again as interest rates going to climb. This means that you could end up paying more if the interest on your card goes up. The ideal way to use a credit card is to clear the balance in full every month as this way you don't start paying interest - but this isn't always possible. Read more in Money RED CARD The most expensive debit and credit … [Read more...] about I’m a credit card expert – how to avoid getting stung by the interest rate rise
Economists predict us interest rate rise in 2022
By Kevin Peachey Published 4 days ago comments Comments Share close Share page Copy link About sharing Interest rates have been raised for the sixth time in a row from 1.25% to 1.75%. The Bank of England's decision to increase rates by half a percentage point makes it the largest increase for 27 years. The move is an attempt to slow the rate at which prices are rising. The Bank has warned that inflation could pass 13% later this year. The last time interest rates were this high was during the global financial crisis in December 2008. Why does raising interest rates help lower inflation? Prices are going up quickly worldwide, as Covid restrictions have been eased and consumers spend more. Many firms have problems getting enough goods to sell. And with more buyers chasing too few goods, prices have risen. There has also been a very sharp rise … [Read more...] about UK interest rates: How does a rise affect me?
Published 20 July comments Comments Share close Share page Copy link About sharing Prices are rising faster than they have done for 40 years. The increase in the cost of living is putting a squeeze on people's finances, as incomes fail to keep up. What is inflation? Inflation is the increase in the price of something over time. For example, if a bottle of milk costs £1 and that rises by 5p compared with a year earlier, then milk inflation is 5%. Every month a figure is released, estimating how much prices are rising overall - it's currently at 9.4% . Why are prices rising so fast? Many things are contributing to the high rate of inflation, including: Energy bills , which have risen rapidly because of high oil and gas prices. They're expected to increase sharply again from October Petrol and diesel prices , partly because the war … [Read more...] about What is the UK inflation rate and why is the cost of living rising?
By Noor Nanji & Angela Henshall Published 17 hours ago comments Comments Share close Share page Copy link About sharing People are going back to cash to keep tighter control on their spending as living costs soar, according to new research by the Post Office. Post offices handled £801m in personal cash withdrawals in July, the most since records began five years ago. That's up more than 20% from a year earlier. Natalie Ceeney, chair of the Cash Action Group, said it showed people are "literally counting the pennies" as they grapple with rising prices. "It's absolutely because of the cost of living crisis," said Ms Ceeney, who chaired the government's independent Access to Cash review. "People will be taking out cash and physically putting it into pots, saying 'this is what I have for bills, this is what I have for food, and this is what's left'." … [Read more...] about Cost of living: People turning back to cash as prices rise
RMT’s Mick Lynch and Nick Ferrari clash on Network Rail offer SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info More than 1,600 London bus drivers are due to walk out next week after members of the union, Unite, said London United “failed to make a reasonable pay offer”. The strikes will take place across two days, and one will coincide with the day TfL Tube workers walk out over similar disputes. Related articles Amazon employees strike after 'insulting' 35p-an-hour pay rise Train strike dates 2022: When are the next strikes in August? Unite said the London bus strike action comes after the company only offered a pay increase of 3.6 percent in 2022 and 4.2 percent next year, which has been described as a “real … [Read more...] about London bus strikes 2022: Dates and full list of services affected
HE first hit the headlines when he was booted off Big Brother UK in 2016 after a video of him appearing to assault a woman went viral. And, kickboxer Andrew Tate, who claims to be the world’s first trillionaire, continues to cause controversy – with one fan branding him the “king of toxic masculinity”. Tate – who was born in the US – has won several world titles and now lives in Romania where he invests in cryptocurrency and opened up a chain of casinos alongside his brother Tristan. Tate told the YouTuber and Twitch streamer Adin Ross that he made his first million at the age of 27. He claimed: “I made my first million when I was, say, 27, and then I had 100million by the time I was 31, and then I became a trillionaire quite recently.” Tate’s net worth is an estimated $19.5million (£16.2million) and his wealth has allowed him to amass cars including a Bugatti, a Rolls Royce, a McLaren, and an Aston Martin. The MMA star’s Instagram account is packed full of … [Read more...] about Inside Andrew Tate’s rise to infamy from Big Brother eviction & controversial comments to flaunting lavish lifestyle
By Esyllt Carr Published 2 days ago Share close Share page Copy link About sharing More than a third of people across England, Wales and Scotland are cutting back on food and essentials in order to help with the cost of living, a new survey has shown. The research, carried out by the Office for National Statistics, found that figure was even higher for some groups. These included disabled people, those renting, and those with lower incomes. It comes as the UK is forecast to fall into recession this year, with the longest downturn since 2008 predicted. The latest figures from the ONS suggest 9 in 10 - or around 46 million people - have seen their cost of living go up in last month. The research, carried out between the end of March and June 19th, suggests that more than half are reducing how much gas and electricity they use at home, with that figure rising to nearly 6 in … [Read more...] about Cost of living: Over a third cut back on essentials
Mortgage rates are rising, which means the amount you can save by making higher-than-the-minimum repayments is increasing fast, too. Shorter-term fixed home loan rates have increased from about 2% last year to around 5%. While some banks have cut rates in recent days , the general trend is still up. But there are still ways that you can save significant amounts of money on your loan. READ MORE: New Zealanders with home loans cash in on low rates Here's how you might be able to keep on top of your home loan Forget the resolutions, here are five money changes to make at any time of the year If you can afford to make any amount of payment above the minimum set by your bank, it will make a significant difference to the overall cost of your home loan. Most modern mortgages are set up as table loans. The closer you are to when you took the home loan out, the greater proportion of your payment goes to interest costs. As you go through the years, more of the … [Read more...] about Susan Edmunds: How a small change can save you tens of thousands on your home loan
Published 1 hour ago Share close Share page Copy link About sharing Owners of idyllic "chocolate box" homes could be forced to sell up as the price of thatch surges, an expert has warned. The price of a bundle of water reed has doubled to about £7 in 18 months, says the National Society of Master Thatchers (NSMT). Britain uses 5m bundles a year, largely imported from countries including Ukraine, where war has hit supplies. NSMT secretary Andrew Raffle said rising costs made replacement thatch unviable for many homeowners. "There is still a demand for people wanting to live in a thatched property. It's an important part of our national heritage," Mr Raffle said. "Inevitably, because of the rising costs, some will no longer be able to afford to continue living in them." Thatched properties often have listed status, meaning roofs have to be repaired or replaced using … [Read more...] about Thatch price hike ‘could force homeowners to sell’
BBC Weather: UK set for ‘dry and sunny’ conditions SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Families who are staying in the UK for the summer holidays will be able to enjoy tropical conditions from tomorrow, August 9, as heat begins to build. This weather is set to last until at least Sunday, August 14 with top temperatures peaking at 36C inland by either Thursday or Friday this week. The cost of living has hit the pockets of most people, and those who are struggling to find free activities to entertain the children may be planning a trip to the beach. Some of the most popular beach destinations in the UK are Brighton, Eastbourne, Bournemouth, Margate, Newquay, Blackpool, Southend-on-Sea, Torquay, Bridlington, Skegness and Great … [Read more...] about Met Office forecast: Britain’s beaches to COOK as 31C heatwave blast hits UK coastlines