The AnswerBank Articles

UK Consumers Stretched To The Limit Financially

Many of us fear the financial crisis will never end. More of us are having to cope with bigger bills and smaller incomes. Fuel prices are mounting both for our cars and our homes due to the increasing price of a barrel of oil. Insurance premiums are rising due to higher crime rates and adverse weather conditions. The c...16:36 Mon 24th May 2010

Young People Saving For The Future

Rather than expecting it all to come to them it seems that young people are now taking their future into their own hands. It has been claimed that young people in Britain are looking to avoid accruing debt by entering higher education (HE) in the future and saving now. Research from the Children's Mutual has shown tha...16:36 Mon 24th May 2010

Families Help Each Other Out Financially

None of us want to see our relatives in financial trouble. We often want to help with small gifts of money to an elderly parent who needs a new kitchen appliance or help with the heating bill. That is what family is all about. However, it seems more of us are doing more than the occasional handout. Some 3.3 million fa...16:36 Mon 24th May 2010

Struggling Homeowners Need To Talk To Banks

Many people are having difficulty making ends meet and one of the biggest monthly expenses of any household is the mortgage. However, this is probably one of the most important expenses to keep paying as if you don't it could mean not having anywhere to live. People who are struggling with mortgage repayments need to ...16:36 Mon 24th May 2010

Cutting Back Can Cut You Off

We are well into the credit crunch and some people may be finding it harder and harder to make ends meet. However, consumers should be aware of the dangers in cutting back on essential purchases during the economic slowdown. A representative from the British Insurance Brokers' Association has maintained the importan...16:36 Mon 24th May 2010

People Should Live Within Their Means

It seems we are cutting back sensibly due to the credit crunch. Many of us are living without those little luxuries and excesses which we used to have. During the financial crisis people need to tighten their belts and keep hold of their expenses. This has been confirmed by a spokesperson for the Consumer Credit Couns...16:36 Mon 24th May 2010

Personal Accounts 'Will Be A Disaster'

The government's plans to introduce personal accounts in the 2012 pension reforms have been branded a disaster in the making by an industry expert. At a round table conference this week, an independent financial advisor said: "They will make pension provision worse not better." He added: "I wish the in...16:36 Mon 24th May 2010

Society Of Will Writers Offers Advice On Inheritance Tax

Many of us know that when a close relative passes away we may be entitled to some of their estate. For example if a parent should leave their house to the children they all get a share of the proceeds of the sale of the house. However, the tax man also gets a share. This is called Inheritance Tax; it can also be called...16:36 Mon 24th May 2010

Payday Lenders Are A Growing Phenomenon

The credit crunch is prompting more people to go to payday lenders, according to an advice organisation. A spokesperson for the Consumer Credit Counselling Service (CCCS), described these kinds of loans as a "growing phenomenon" as consumers - particularly those who are less well off - are finding it more di...16:36 Mon 24th May 2010

Quiet Retirement For Most Britains

Everyone has the dream of finally finish work at 65 and then setting off on the round the world cruise, or visiting the grandchildren in Australia, or even buying a place abroad maybe in Spain or France and living the high life. We deserve it, we have worked long and hard for our pension and this is our reward. However...16:36 Mon 24th May 2010

HSBC 'Delighted' To Win Banking Award

We all hope for the best from our providers; especially those that deal with our hard earned cash. So it is good news for those who have accounts with HSBC as they have been voted the top bank for customer service in a recent report. A well known brand and innovation strategy firm ranked the company top of a list of t...16:36 Mon 24th May 2010

Saving 'Not Encouraged' By Pension Tax Rule Changes

Although many of us are saving for our retirement recent news from the government is discouraging for some. The highest level of tax relief will be restricted for those earning more than £150,000 a year and it will disappear altogether for those with income over £180,000. These higher earners will only get ...16:36 Mon 24th May 2010

Bankruptcy ‘Increasing In Scotland'

Recent figures released by the Accountant in Bankruptcy found that the number of companies going to the wall has risen by over 150 per cent compared to the same period the previous year. In real terms, this amounts to more than 3,700 businesses going under. The number of individual insolvencies has also soared - by aro...16:36 Mon 24th May 2010

Competition Between Banks Is Good For Consumers

It seems that a bit of healthy competition between high street banks is good for us the consumer. Customers looking for good value for money bank accounts get better deals when there is competition, it is advised. Which , the well known unbiased review magazine, comments that the best interest rates and offers occur ...16:36 Mon 24th May 2010

Make Sure Your Mortgage Is Right For You

Whether you are moving house or just remortgaging to get a better deal it is vital to do your homework beforehand. A mortgage is probably the largest financial commitment you will ever make so it has to be the right one. You can, of course, do your initial research on the internet, but one of the best ways to find out...16:36 Mon 24th May 2010

ID Theft 'Can Lead To Blacklisting'

Identity theft can be a distressing crime before its long-lasting effects are even considered. The mere thought that someone could be using your details to take money out of your account, apply for a passport or even commit crimes can be extremely concerning. However, cards can be cancelled, passports can be stopped an...16:36 Mon 24th May 2010

All About ISAs

ISAs are often advertised as tax-free savings vehicles, but many people wonder how this works in practice. ISAs were introduced in 1999 and replaced the earlier Personal Equity Plans (PEPs) and Tax-Exempt Special Savings Accounts (TESSAs). ISAs were explicitly designed to appeal to a broader range of the population th...16:36 Mon 24th May 2010

How does a state pension work

Most people are aware that arranging a pension for when they retire from work is important – but some may not know how to contribute to one. Although many people currently have a private or company pension most will also have contributed to a State Pension. A State Pension is tied to the National Insurance Contr...16:36 Mon 24th May 2010

Traveller's Cheques - Good Or Bad

Traveller’s cheques used to be the only way to take money safely abroad, before everyone had credit cards. Still, nowadays many holidaymakers can choose to use traveller's cheques as a way of carrying cash when they go on holiday. The traveller’s cheque is a pre-printed document of a fixed monetary value; ...16:36 Mon 24th May 2010

How does a company pension work

Most of us are looking forward to the time when we have retired from work and can relax and start doing the things we always wanted to do; whether it is spend more time with the grandchildren, travel or simply enjoy the garden. Whatever it is we need some money to live on. Many people will be relying on their State Pen...16:36 Mon 24th May 2010