A quarter of those under 25 years-old are borrowing to pay their utility bills and 16 per cent resort to a credit card to pay their rent. More than half (52 per cent) admit to using plastic to pay for their groceries. Despite their dependence on credit, 60 per cent don't pay off their credit card bill each month.
Households looking to spread the cost of a large purchase can now do some over up to 28 months interest-free with Tesco Bank's new credit card.
Unlike most credit cards, which charge an extra fee for spending in shops and withdrawing cash, the new Platinum travel card has no fee until the end of August 2018. After that, a 2.99 per cent fee applies.
Dual offer cards can be a good option for those looking to clear an existing balance cheaply and plan on buying a big ticket item. But you must be disciplined about repayments. The AA is now offering 26 months 0 per cent interest on balance transfers and spending on its Dual Credit Card - the longest deal currently available. ...read
Want to borrow more than this 'golden bracket' and the price of unsecured loans shoots up for most. This can make your choice a little more complicated, weighing up the benefits of secured vs unsecured borrowing.
Credit cards that give users either cashback or rewards for spending are not as generous as they once were, but card issuer MBNA is bucking the trend.
Experian's new CreditMatcher service will show borrowers which financial products they are likely to be accepted for and give them a free credit score.
Citizens Advice found a quarter of people are not asked about their financial situation or how they will repay the loan. City watchdog the Financial Conduct Authority clamped down on payday loan firms in 2015 and introduced a cap on interest charges. But many are still flouting the rules, leaving people with loans they can't afford.
The PayPlan research also revealed that Essex topped the list of the biggest debt hotspots, with the average borrower owing as much as £18,508. Cambridge and Belfast followed close behind with the average amounts owed of those referred to the debt management firm standing at £18,463 and £17,114 respectively.
Between January and June, more than 300,000 people called the StepChange charity, each with an average debt of £13,826.
Fifty-one per cent of adults under 25 say they regularly worry about money, and 21 per cent lost sleep as a result, the National Debtline survey found.
Travellers purchasing foreign currency ahead of their trips are getting a lot less for their pounds than they were this time last year. Here's how you can secure the best deals possible.
Customers with a prepaid currency card from My Travel Cash have until October 4th to use the money in their accounts before the card is withdrawn.
One in ten, or 8 per cent of holidaymakers, said they could only afford to make the minimum payment on their credit card each month, according to comparison website Money.co.uk.
The FCA called for a shake-up of the credit card market in a report today revealing that 5.1 million accounts would take more than ten years to pay off their balance.
American Express has cut the rewards on its Platinum Everyday cashback credit card - meaning customers will now earn up to £10 less a year. This is the latest blow for cashback shoppers.
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Calculator: Credit card reality check
If you are thinking of getting on the property ladder in the next year, making sure your credit rating is in tip top condition will be a top priority.
Getting your credit score in shape will help avoid mortgage rejection and helping you to get the best rate on your home loan. Here are This is Money's top tips for getting your credit file in order
Virgin Money has launched a new balance and money transfer credit card giving borrowers 41 months 0 per cent interest - the longest deal ever offered. The new card comes with a 4 per cent fee for shifting debt from an existing credit card or moving money to a current account if made within the first 60 days of opening the account.
MBNA has launched a new credit card that charges 4.9 per cent for 60 months on transferred debts and purchases, but you have to make them before the end of the first 60 days
The AA has bumped up its Balance Transfer credit card to give borrowers a market-beating two years to clear an existing credit card balance for free.
The new Cashback Plus card from Asda pays 2 per cent on supermarket spending and 1 per cent everywhere else. But cardholders will pay a £3 monthly fee.
The supermarket giant has shaved 0.1 per cent off its mid-sized loan rate to bring it in line with existing market leader Ikano Bank.
Tesco Bank has cut the interest on its Low APR Credit Card to 5.9 APR per cent, making it the cheapest deal on the market for anyone looking for a long-term low rate.
The UK has now been spending on credit cards for 50 years, following the first issue of a Barclaycard on 29 June 1966. As of November last year, there were 60 million cards in circulation across the UK and the average household owes £2,387. Here are 15 things you probably didn't already know about them.
Laura Shannon exposes a hidden threat to one of the most powerful consumer rights that shoppers have in their financial armoury.
Unrequested increases to credit card limits are making debt problems worse for 50,000 borrowers and must be stopped, a leading debt charity has warned.
Looking to take out a loan? This Is Money picks out some favourite options to help you choose the best deal for your money, as well as pointing out some tricks to help you land even better offers ...read
Switching your debts to a balance transfer card can speed up the repayment of debt because most, or all, of your repayment goes toward wiping out the balance and not paying interest. But beware: there are caveats to consider and barriers to overcome when applying for such cards.
Whatever you are thinking of doing with your finances in 2015, if it is going to involve a credit card, then it is essential that you get the right one.
A prepaid currency card can help you sidestep expensive credit and debit card fees for spending abroad. Most banks will apply fees of around 2-3 per cent with every swipe of your card on holiday.
There are a lot of credit cards on the market offering eye-catching 0 per cent interest deals but such teaser rates disappear fast so why not consider a continuously low-rate card instead?
A holiday is costly enough without the added horror of returning home to find your bank statement littered with extra fees and charges after using your card overseas.
The survey by the consumer group Which? found 53 per cent had never contacted a credit rating agency - such as Experian, Callcredit and Equifax - to check their report. And it found widespread confusion about credit checks and how lending decisions are made.
Almost half of people who spend their earnings before their next payday claim their parents do the same, according to a study by TSB, while a third of adults who spend more than they earn admit their parents' were guilty of doing so.
In October it became easier for people to acquire manageable debt after the Government changed the rules surrounding 'bankruptcy light', or debt relief orders.
Metro Bank has written to its current account customers to tell them fees for using their credit and debit cards outside of Europe will increase in line with big banks.
Scammers can use sneaky devices that read the signal your contactless card sends to take payments of up to £30 from your account or steal the information to use for online purchases.
Representative example: If you spend £200 at a purchase interest rate of 18.9% p.a. (variable) your representative rate will be 18.9% APR (variable). Credit limits and terms may vary based on your individual circumstances. Balance transfer offers and introductory fees limited to transfer made with 60/90 days of account opening. See product specific T&Cs.;
Borrowers are throwing away as average £320 in interest by failing to shop around for the cheapest financing options when buying cars, home improvements holidays and weddings, according to research from Ikea-owned, Ikano Bank. Car-buyers are the worst hit, wasting as much as £520 to the bill by ignoring the most cost effective borrowing options.
If you've been thinking about taking out a personal loan, now might be a good time as record-low rates could be about to disappear. Personal loans rates are on the rise with the average cost of borrowing between £7,500 and £25,000 over five years having increased over the past month. ...read
'I opened the Lloyds Premier Duo credit card around 18 months ago but haven't received any points for a year and now I can't save money on the flights I should be able to use my points for'
Zero interest deals can be a smart way to spread purchase costs or clear debts with balance transfers but many fall foul of them. We reveal the best deals and how to play your cards right.
Loans for new cars made up the bulk of new borrowing, but a growing appetite for cheap cash through personal loans also drove up debt. The annual growth rate of consumer credit hit 9.3 per cent in February, the highest pace since December 2005, the Bank of England's latest credit conditions survey revealed.
Customers at upmarket children's bedroom retailer Aspace have been the latest to be disappointed after the company ceased to trade. Cat Bailey tried to cancel her order.
While interest-free credit card deals are commonplace, average credit card interest rates have hit an all-time high. The average purchase rate is now 21.6 per cent APR
Stepchange says the number of families contacting it over out-of-control credit card balances has soared by 40 per cent since 2012. Customers owe an average of £8,500 each.
Customers who sign up to 0 per cent deals often wrongly believe their perk period starts when they transfer a balance or receive their card through the post. But Money Mail has found that the majority of credit card firms and banks start the clock ticking from the moment a borrower signs up. ...read
Falling personal loan rates means some rates are as good or better than what you could get through a remortgage or further advance from a mortgage lender. This is compounded by mortgage lenders making it harder to get finance.
One in six adults in the UK is described as 'over-indebted' this equates to 8.2million people across the UK, according to a new report.
The Co-operative has launched a new balance transfer credit card that promises not to swipe away the interest-free deal should you miss a payment, pay late or go over your limit
Shoppers using Debenhams, House of Fraser or Topshop store cards could be in line for refunds after provider NewDay admitted imposing unfair charges. Following discussions with City watchdog the Financial Conduct Authority, NewDay has pledged to refund more than £4million to over 180,000 customers.
Taking out a store card for your favourite shop can be tempting with discounts on offer. However, card operators make their money from the sky-high interest attached - often ranging between 25 and 30 per cent. Forget to clear the balance each month and interest will quickly eat away at any savings made through the in-store discounts.
It may not quite be an Oscar, but credit card giant Amex swiped an impressive five titles in this year's uSwitch Credit Card Awards, including Credit Card Provider of the Year.
M&S; credit card customers will have to work twice as hard to clock up the same reward points on their spending outside of the retail giant's stores from today. Every £5 spend now earns 1 point.
Credit card mistakes are costing Brits up to £1.2billion a year in extra interest, research has revealed. The news comes as many will be looking to clear their Christmas and New Year debts.
I gave my ex-girlfriend £5,000 and we had a written agreement that she would repay it within 28 days. Three months later she's now ignoring me and I want my money back plus interest.
From November, Clubcard Credit Card and World customers will see the amount of clubcard points they receive for swiping their cards in shops cut to just one point for every £8 spent.
I opened a New Look store card in 2014. I paid the remaining balance and closed it down last year - but am being constantly contacted about 'debt' outstanding on the card.
Karrie Waters, a married mum from New Southgate, discovered her name had been used by fraudsters applying for deals online after a prepaid card she had not ordered arrived in the post.
Personal loan rates have fallen to the lowest ever recorded after M&S; Bank cut the interest it charges on loans between £7,500 and £15,000 to just 3.3 per cent.
By 2024 just one in three payments will be made with coins and notes. From contactless cards to fingerprint recognition, Sally Hamilton looks at the technology changing our payment habits.
Millions of pounds every year are stolen from people using cash machines. Sophie How, 23, lost £300 after accidentally leaving her card behind
Three in five shoppers are unaware that using their card to pay for purchases in a foreign currency is classed as an overseas transaction which carries extra fees from their credit or debit card provider. The fees can add up to more than£20 a year.
The new FuelSave Credit Card pays 4 per cent cashback to drivers swiping their card when filling up. It also pays 0.5 per cent on all other spends and gives free breakdown cover.
Barclaycard has written to customers to spell out that from February, the interest rate they pay will follow the base rate. It means that if it rises next year, borrowers will face higher bills.
From November, Clubcard Credit Card and World customers will see the amount of clubcard points they receive for swiping their cards in shops cut to just one point for every £8 spent.
In the third part of our Get A Better Deal campaign, Laura Shannon looks at how borrowers can save thousands of pounds by choosing a different piece of plastic...
Some customers have been given loans bigger than they could afford to repay, the financial watchdog found after a probe into both lenders.
Barclaycard customers who lose their credit card will soon be able to download the details of their new one instantly on to their mobile phone and start spending.
Barclaycard has written to customers to spell out that from February, the interest rate they pay will follow the base rate. It means that if it rises next year, borrowers will face higher bills.
The MBNA Everyday Plus American Express card charges just 7.4 per cent interest on all spending and balance transfers.
Customers of 11 high street banks and card providers are in line for a pay out, including those with credit cards from Lloyds, Barclays, Santander and the Royal Bank of Scotland. Affinion International Limited sold products that it said would offer customers protection if their card was lost or stolen and they fell victim to fraud. However banks generally offer this cover anyway.
Financial services firm Virgin Money claims customers can tuck 'a little bit of rebellion' in their wallet with its new Sex Pistols credit card. But the card is hardly unleashing financial anarchy in the UK. Experts say its fees for allowing customers to transfer card balances from other providers are no better than those offered by rivals such as Barclaycard and Halifax. New homeowners Anders Nilsson and Hana Lewis switched to a new card after his deal with Barclaycard ended.
After a stroke, my father experienced irrational thoughts. Although of limited means, he drew out large sums of cash that he gave away in the street.
From next March, arrears built up in the child maintenance system will potentially have the same impact on non-payer's credit scores as other debt defaults.
Banks and building societies increasingly use cashback or redeemable points to attract customers. Lorraine Poyser pays her credit card bill in full every month to benefit.
Rod Chaytor shares his first-hand experience of what it is like to be the quarry of the ruthless and relentless loan industry.
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Calculator: Credit card reality check
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