So as my last post discussed in my money blog, the future of banking in the UK high street is changing more and more each day, with potential new entrants into the market place, as well as things going on with the Big Ban k names that we have known to grow and trust.
My last UK Banking post discussed how Tesc's and Virgin could soon be two brands to move into the UK Banking industry properly offering both current accounts and savings accounts, to go with any other insurance/credit card products that they already offer.
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With the recession still ongoing in the United Kingdom and with some of the main stream banks at the moment being part owned by the government, and other small banks/building societies being bought up by foreign banks, the face of banking on the high street is changing.
Now we are start to see a new face attempt to enter the main stream banking world enter Tesco Finance and Virgin Money who are both seeking to enter the market place and take on the existing powers in banking.
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PERSONAL LOANS
Moneyexpert.com has claimed that borrowers now pay an average rate of 29.4% for a best-buy personal loan of £5,000, compared to 10.65% at the start of 2008. The site blamed the rise in rates on the lack of best-buy offers available and the growth of loans for those with a poor credit history.
Not a suprise really those who can afford personal loans the least, have to pay the most for them.
Maybe if people can they should re-consilidate all their loans and credit cards into one payment. In most normal cases re-financing can be a great way of decreasing the monthly payments, or paying off the debt faster.
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CREDIT CARD NEWS
Here is some of the latest credit card news, accoreding to Global Reviews website, Lloyds TSB's credit card website is number one, with a score of 65%, it has been ranked first in a review by Global Reviews. Halifax came second with 53% followed by Barclaycard (54%) and HSBC (50%). The credit card web sites were assessed on more than 680 different objective criteria which included service offered to customers and general site usability.
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