This week's Money News

25/09/2009

Welcome to Money News, bringing you the latest news on the issues affecting your personal finances.

People in Britain seem to be taking control of their personal finances as the UK Payments Association reported this week that people are spending less and less on their credit cards as a way of buying goods.

In addition, the ratio of credit card repayments in the second quarter of 2009 was up 1.2 per cent on the same period a year ago.

Meanwhile, the Council of Mortgage Lenders revealed that mortgage lending fell by 13 per cent between July and August in line with predictions.

The CML said that a seasonal drop was nothing new and went on to add that overall lending stabilised over the summer months.

Those with mortgages have been advised to seek debt advice as early as possible should they fall into financial difficulty.

The Building Societies Association says help should be sought immediately to stave off the threat of repossession.

Families are £8 a week better off than they were last year. That's according to a report from the Centre of Economic and Business Research which found that the average household had £160 a week of disposable income in August this year, a rise of over five per cent on the same time last year.

They could have a little more if they switch energy providers and sign up with E.On which had announced plans to offer new customers a pay-monthly option.

Those who pay by cash or cheque won't have to pay bills quarterly anymore.

To businesses now and Experian has claimed that the number of UK firms becoming insolvent has fallen by 23 per cent since July, which it describes as encouraging.

However it's not all good news, as sterling slipped below par with the euro at one pound for 98 cents this week.

This and other factors will contribute a fragile recovery in the UK economy in 2010, according to bosses at the CBI, who say that, while things are picking up, there will be nothing driving "robust economic growth".

If today's Money News has made you think more about your finances, why not take the Debt Calculator test on our website to see where debt management solutions could help you and your family.

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