Plenty of financial concerns have struck the UK and Australia in parallel in recent months, and not all directly as a cause of the global slowdown either.

There’s been the odd major banking scandal; the issue of fee-driven banking products; and the issue of payday loans, which is also gripping both countries.

Now the focus turns to individuals and, more specifically, the issue of bonuses.

[Read more at Which4U]

The average rent fell by 0.8 per cent in the December

A recent survey has suggested that, in December, the price of renting a home – rather than buying a house with a mortgage – in England and Wales had fallen for the second month in a row.

According to this study – carried out by LSL Property Services – the average rent fell by 0.8 per cent in the December compared to November, to £711 a month.

Rent has been recorded as falling in all regions across England and Wales – except for Yorkshire and the Humber, the West Midlands and the East Midlands – with varying levels of decrease depending on the area in question.

The monthly falls seen in November and December are the first falls in 10 months, with rises occurring in each month prior to this.

The LSL has also stated that the seasonal decrease that has been seen is shallower than the previous year.

“The rental market was sheltered from the full impact of the seasonal lull by the strength of underlying tenant demand as many prospective renters took the opportunity to move in the run-up to Christmas at a time when the market is traditionally less competitive,” commented Mr David Newnes director of LSL.

However, when comparing this to the previous December, it would appear that the cost of renting is 4% more expensive than it was back in 2010.

LSL also added that their research had showed that, due to spending over the festive period, more tenants were getting behind on their rental payments.

They found that 10.7 per cent of all rent had either been late or unpaid at the end of December, compared to only 9.3 per cent the previous month.

But these difficulties haven’t just faced tenants, but also some landlords, according to The Association of Residential Letting Agents (ARLA).

Tim Hyatt, president of ARLA said: “It is more critical than ever to take references and conduct thorough research before signing a tenancy agreement,

“Seeking advice from a professional, licensed letting agent is the best way to ensure tenants and landlords’ rights are protected.”

Annually, rent has seen a rise in all but two regions – the South-West and North-East of England – in December.

Director of flat and house-share website Spareroom.co.uk, Matt Hutchinson, offered his comment on the current rental situation: “It may be premature to say the UK rental market has peaked and that we are about to see rents fall away. What we are probably seeing is a temporary blip, a natural cooling-off period for the rental market.

“The fact is the fundamentals have not changed. Demand is still significantly outstripping supply of new rental stock, and while December was a quieter month for the rental market, January and February are typically two of the busiest months.

“We would expect to see upward pressure on rents resume in early 2012.”

With renting looking to become more affordable over the course of the year, it is important for potential landlords to get the right buy-to-let mortgage to suit the property they wish to rent out.

What a Debt Negotiation Company Cannot Do

The Fair Debt Collections Practices Act (FDCPA) informs everyone of how collections agencies are required to act when they are performing their collections duties. This act does not prevent a collections agency from ever contacting the debtor if a cease and desist letter is sent, but some debt negotiation companies may suggest that they can make this happen. It may be in the debtors’ best interests not to hire companies making these claims.

When Collections Agencies May Contact a Debtor

A debt negotiation company may send a cease and desist letter to stop collections agencies from contacting their clients, but there are two different circumstances when these agencies can contact debtors, and they are:

1. When the collections agency is going to cease attempting to collect the debt
2. When the collections agency will embark on a new plan to collect the debt

Creditors Are Under No Obligation to Honor the Cease and Desist Letter

There is one thing that people need to keep in mind. The FDCPA pertains to collections agencies and not the creditor that hired them. This means that the creditors are under no obligation to follow the cease and desist letter. Unless they are operating in a state that has expanded the FDCPA to original creditors, these creditors can continue to make collections calls to consumers.

Collections Agencies Can Ignore the Letter

If the collections agency decides that it is not going to follow the FDCPA, it can continue to contact the debtors even though it has received a cease and desist letter. Although this is unlawful, a debt negotiation company has no remedy but to send its clients to an attorney.

The Next Steps

The next step for the original creditor after the collections agency has received a cease and desist letter is to hire another company or begin legal action against the consumer.

Rather than risk possible legal action, consumers can try credit consolidation before they hire what may be a questionable debt negotiation company. All of their debts will be eliminated, and they will have a much more affordable monthly amount to pay in their place.

The firm, which offers loans at a staggering 4,214% APR, has been forced to withdraw a page of its website that promoted its own short-term, high-interest loans over the standard student loan rate.

"The Wonga Advantage"

[Read more at Which4U]

Read the Fine Print
You might think you are getting a fantastic deal only to find yourself paying exorbitant fees at the end of the year that far exceed your savings. Read the fine print before you decide to go with a credit card. You might also find after reading the fine print that one bank is actually better than another when you look beyond the advertised numbers. For example, American Express Delta Gold SkyMiles Card has a $99 annual fee and comes with a $99 companion certificate, while the Platinum SkyMiles Card that is also offered by American Express has a $150 annual fee, but comes with a free certificate. Obviously the $198 card that offers its members a higher annual fee is the better deal. In addition, mileage cards and the such can advertise great benefits which in all actuality translate to false or minimal savings. Don’t lose out on the real rewards by not reading the fine print.

Check the Added Benefits
Great perks can supersede numbers. If you are a frequent international traveler, having a high annual fee is nice but will do nothing for you when you need to use your credit card in an international country. Therefore you should consider going with a well known credit card company like the Visa which is the number one credit card used in the world and is accepted in over 200 countries and territories. On the other hand, for those with less than perfect credit, a credit card company like First Premier Bank Credit Card is the best option. Other added benefits include bonus travel miles, points, cash rewards, sign-up bonuses and so on. The Capital One credit card has become known for its hassle free rewards system while other cards more than pay for their annual fees with rewards like travel miles or gas discounts. Other credit cards like the Aussie credit card associated with MasterCard can be used around the world and offers an extremely competitive rate on balance transfers starting at 2.99% and 9.99% on p.a. purchases for the first year. So in addition to reading the fine print, determine which credit card rewards are best for your particular needs and situation.

Fools Rush In
The increased number of credit card companies has translated to good news for consumers as the banks compete for their attention and business. Don’t rush into the first offer you find. Be sure to compare banks and rewards. For example, the new Chase United Mileage Plus Explorer Credit Card offers its holders more than just miles, it gives them the option of priority boarding and free bag check-ins which translate to convenience and savings. In addition to seasonal low APR offers, companies will occasionally offer benefits like large sign-up bonuses in statement credit, cash, points or even free tickets so therefore patience and good research pays off in the end.

UK savers are protected for up to £85,000 per person per financial institution.

And despite a multi-million-pound television advertising campaign designed to raise awareness about the guaranteed compensation level for savings UK deposits, only 3% of people are aware of the measures at the close of 2011, according to the Financial Services Compensation Scheme (FSCS).

FSCS Advert...? (Nope. Me neither)

[Read more at Which4U]

On the flip side, mortgage repayments keep falling, and typically only consume 12% of income – this is the lowest level since January 2004. This also helped those looking to move up the property ladder with home movers paying on average of 9.2% of their income each month – this figure is the lowest monthly level since the CML started its records in 2002.

What this means is that there could well be an increase in activity from first time buyers in the early months of 2012. This seems like it could be even more likely when you consider that the government’s stamp duty concession is coming to an end in March next year.

The overall trend for mortgage lenders at the moment however is one of very low levels of lending and very few people moving. The economic crisis and the threat of another recession is forcing the average homeowner to sit tight and attempt to ride out the storm.

So while here in the UK we might be able to enjoy the lowest mortgage repayment rates for nearly a decade the factors that combine to make these rates possible are also the same factors that are making the people, who might take advantage of the current rates, shy away from them.

This post was written by Andy from Wealthboost

"Robbing the poor to feed the rich"

The ‘banking crisis’  is set to strike a new low in confidence at the end of 2011. And there is no Eurozone to blame here; it is a situation entirely of UK banks’ own making.

This week has been a decidedly poor one for banks, and has highlighted several problems endemic within the financial system.

[Read more at Which4U]

This survey, conducted by the charity, has shown that the poorest families will spend around one-third of the amount that the average family will during the festive season.

The average family in the UK will spend between £530 and £690 on items related to Christmas including; gifts, decorations, food and drinks. However, when questioned, the majority of families with a smaller income said that they would be spending around £182.

This breaks down as approximately: £34 on food and drink, £28 on decorations, £6 on cards and £114 on gifts, for a basic Christmas.

Many of the parents asked felt that there was an increased level of pressure on them to provide gifts for their children that, normally, would be more expensive than they can afford.

The main reasons for this appear to stem from the retailers and media providing a constant bombardment or the latest “must have” items. This constant advertisement makes it easier for children to see something that looks great on the flashy adverts, and therefore allows them to keep reminding their parents about said item.

And it doesn’t get better as they grow older, with another major concern for parents being the expectations of their teenagers expecting electronic goods such as MP3 players, the latest mobile phone or tablet PCs.

Despite these pressures, many parents are still planning to spend less than £200 in total this year, with gifts being more practical purchases than gimmicky toys, such as clothes.

What can be drawn from this report is that it highlights the balancing act that a low income parent must maintain: on one side not wanting to ruin the magic of Christmas for your child, whilst having to maintain a sense of reality about the costs.

Some parents may feel the need to take out a personal loan over the festive period in order to tip the balance in favor of their child’s excitement. While this can be a good method in the short-term, it does mean that they will still be paying for Christmas long after the turkey has gone and the presents it paid for have been discarded by their owners.

An alternative to this is a 0% purchases credit card. With this, the holder will not pay interest on any purchases that they have made for up to 15 months, allowing them time to save up again without having to struggle to make payments each month.

Or how about trying to snap up a saving with hundreds of online discounts and vouchers to use in the top stores?

The company’s retail sales monitor saw that retail sales only grew by 0.7% last month (November), making it the weakest month for growth since May.

The BRC have suggested that one major reason why this could have happened is due to the mild weather that we have seen across the UK, which will have affected sales of items such as winter clothing and footwear.

Sales of non-food items online, by mail order and telephone have grown by 8.6% compared to the same month last year. But again, this is still the weakest growth since March.

Food sales growth has remained almost the same as this October’s five-month low, with most of the demand being seen coming from premium lines and ready meals. This has been put down to consumers wanting to save money by eating at home rather than eating out on a regular basis.

Shockingly, even the sales of products in the toiletries and cosmetics niche have also seen a fall for the first time in two years. This, again, has been put down to this winter’s milder weather, meaning less people are looking for cough and cold remedies and winter skincare products.

Director General of BRC, Stephen Robertson, has offered his comments on these low sales figures saying “Consumers are not quite in the Christmas mindset yet, although stores are working to generate much-needed sales with high levels of festive discounting,

“Retailers hope that customers who’ve managed their finances carefully in recent months will still treat themselves and their families in December, unhampered by the severe weather which disrupted shopping 12 months ago.”

This information has made some experts fear that the UK’s economy may be heading back towards the recession that gripped the country over the last few years.

This may see many companies losing profits over the festive period, with a number of pre-Christmas profits warning and weak trading statements being issued by retailers in the last few weeks.

If you are looking to make those festive payments just that little bit easier this year, it may be worth while looking into a credit card. With great rates which allow you to pay 0% on purchases for upto 15 months, it could take the edge off buying all of those presents for your family and friends. Check out the wide range available with Which4U.