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Cardholders to spend up to £10bn this Christmas

UK credit card holders will spend an estimated £10bn this Christmas, with the average big spender likely to chalk up credit card debts of £579.

Research undertaken by the Virgin One account also shows the Scots to be top of the league of credit card spenders, averaging £730 on Christmas credit card spending. London&#39s City types blow an average of £720, while East Anglians are the least likely to splurge, spending only £330.

One sobering thought for credit card spenders is that the collective interest from this Christmas&#39 spending will have soared to £658m in six months, based on an average APR of 14.9%.

Virgin One account&#39s James Duffell says by using a current account mortgage with lower annual interest charges than regular credit card lenders, spenders can avoid huge interest payments.

“The festive season creates terrible pressures to spend money that people may not have, particularly if they have a young family. Many would rather go into the red than see their loved ones go without on Christmas morning.”

“Nearly 90% of One account customers are ahead on their mortgage repayment plan so they have a little extra in the bank and can afford to splash out at Christmas. Our customers know that by using their current account mortgage they have access to cash quickly, at low cost and with flexibility over when they can pay it back.”


Price inflation falls again

The Hometrack national November survey of the housing market reveals house price rises averaging only 0.2%, writes Helen McCormick.This is the sixth successive fall in house price inflation since May&#39s peak of 2.6%. The slowdown has been mostly the result of falls in higher value properties, mainly in London and the South East. House prices […]

Special effect

Sub-prime is dead. Long live specialist lending.It could almost be a cry from a battlefield but these are the sentiments of one of the country&#39s top sub-prime lender chief executives.The last 12 months have seen the specialist lending sector go from strength to strength with record levels of business written and, presumably, record profits made. […]

Britannic Money wins flexible lender award

Britannic Money has been voted Best Flexible Mortgage Lender for the sixth consecutive year by a panel of 100 mortgages intermediaries. Britannic Money has scooped this award, from consumer magazine Your Mortgage, every year since the awards inception in 1997. This unprecedented winning streak has put Britannic Money in the top spot for longer than […]

Brokers urged to check exclusives aren&#39t &#39cons&#39

Nick Baxter, director of Mortgage Promotions, says brokers should vet exclusive products to check they do not simply pay better procuration fees without adding true consumer value.Baxter&#39s comments come amid claims from some parts of the industry that exclusives through distributors are a con, chosen by brokers at the expense of consumers who would do […]

Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
• The turnaround in individual countries’ current accounts
• Sectors best positioned to harness the recovery, without offering undue exposure to risk


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