With uncertainty in the international financial markets and rising unemployment, more and more people in the UK are at risk of falling into debt. Mobile apps can be a great help in managing finances, especially on a budget. Advice resource http://www.debtinfocentre.com/ rounds up the best, starting with the iPhone.
In the past debt management has been a pen and paper task, moving onto spreadsheets with the use of home computers. Now mobile phone technology has moved along so rapidly that the debt management experts at Debt Info Centre recommend anyone struggling to stick to a budget should investigate the helpful apps and gadgets available.
Debt Info Centre is an independent advice group setup to provide the clearest advice and help for people in debt. Visitors to the website can receive impartial, expert debt advice, read through a wide range of useful resources and even use the “Debt Calculator” to find the best debt solutions in just 3 quick steps.
Now they have turned their eyes to mobile apps, specifically those apps appearing on the latest version of the iPhone, the iPhone 4S, and gadgets in the first of a new series exploring the way that technological innovations can help with debt management in the current financial climate.
The best budget management iPhone apps identified by Debt Info Centre have been praised for being easy to use, featuring clear calculation expenditures and visual representations of incoming funds and outgoing expenditures.
The best debt management apps and gadgets can be found here http://www.debtinfocentre.com/debt-management-apps
About http://www.debtinfocentre.com/
Debt Info Centre is a totally independent advice group set up to supply the clearest advice and help for people struggling with debt.
A spokesman said: "We understand that debt can be confusing and overpowering, especially in the current financial climate, that's why we aim to make debt and budget problems easy to understand.
"Our in-depth resources will inform you about a wide range of common debt problems as well as the various debt solutions available to you through impartial, jargon-free guides. With detailed breakdowns of the processes and consequences of each and every possible option, you can ensure that you are better informed before you look to address your debt problems.
"The website features debt solutions, glossary, and a blog covering credit card, bankruptcy, credit ratings and repayment advice.
"Whatever your circumstances, we provide guidance that helps you choose the best debt solution so you will regain control over your finances and start enjoying life again."
Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts
Sunday, 27 November 2011
Wednesday, 12 October 2011
Paying off credit card debt
Equifax, is providing an insight into the current state of consumer credit card debt.
“We conducted research earlier this year amongst customers of our credit report services”, said Neil Munroe, External Affairs Director, Equifax. “Of the 2,380 respondents to the survey, 91% said they use credit cards with 30% of those having two and over 20% having three.
“What was particularly interesting was that nearly a quarter (24.6%) had a current outstanding balance of between £1,000 and £5,000 and nearly 30% said they pay off less than 25% of the balance or the minimum payment each month. And when we asked how long they envisaged it would take them to clear their credit card debt, over 1 in 5 said more than a year.
“With nearly two thirds (63.1%) saying they use their credit cards for everyday living expenses, this does seem to suggest that credit card debt plays a fundamental role in day to day family finances.”
The Equifax research looked at credit card usage around the UK. Whilst the regional variances aren’t particularly great they do illustrate the considerable dependency on some form of credit for many UK households.
Regionally consumers in Wales rely the most on their credit cards for fuel payments at 68.2%. Perhaps not surprisingly, Londoners use their credit cards the least across the UK for fuel payments – at 43.4% - probably because they are less reliant on their cars in the City. However, it is Southerners (Londoners and those in the South East) who make the most use of their credit cards for everyday living expenses at 67% and 69% respectively.
“With inflation continuing to rise, it’s not surprising that many families need to resort to using their credit cards for more and more living expenses”, continued Neil Munroe. “But we believe this does highlight just how important it is to keep on top of credit commitments overall.
“However, we recommend people should not use credit cards for long term financing due to the high interest rates that can be incurred. And if a person does decide to take out a credit card with an interest free period, they should make sure the debt taken on during that period is manageable, as it can easily spiral out of control. This is especially true if it has a balance transfer offer too, as the rate of interest could be higher after the free term than the previous credit card,” concludes Munroe.
To easily access your Equifax Credit Report visit www.equifax.co.uk where it is designed to help individuals understand their credit file. It also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life’s challenges. If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at £6.99 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.
“We conducted research earlier this year amongst customers of our credit report services”, said Neil Munroe, External Affairs Director, Equifax. “Of the 2,380 respondents to the survey, 91% said they use credit cards with 30% of those having two and over 20% having three.
“What was particularly interesting was that nearly a quarter (24.6%) had a current outstanding balance of between £1,000 and £5,000 and nearly 30% said they pay off less than 25% of the balance or the minimum payment each month. And when we asked how long they envisaged it would take them to clear their credit card debt, over 1 in 5 said more than a year.
“With nearly two thirds (63.1%) saying they use their credit cards for everyday living expenses, this does seem to suggest that credit card debt plays a fundamental role in day to day family finances.”
The Equifax research looked at credit card usage around the UK. Whilst the regional variances aren’t particularly great they do illustrate the considerable dependency on some form of credit for many UK households.
Regionally consumers in Wales rely the most on their credit cards for fuel payments at 68.2%. Perhaps not surprisingly, Londoners use their credit cards the least across the UK for fuel payments – at 43.4% - probably because they are less reliant on their cars in the City. However, it is Southerners (Londoners and those in the South East) who make the most use of their credit cards for everyday living expenses at 67% and 69% respectively.
“With inflation continuing to rise, it’s not surprising that many families need to resort to using their credit cards for more and more living expenses”, continued Neil Munroe. “But we believe this does highlight just how important it is to keep on top of credit commitments overall.
“However, we recommend people should not use credit cards for long term financing due to the high interest rates that can be incurred. And if a person does decide to take out a credit card with an interest free period, they should make sure the debt taken on during that period is manageable, as it can easily spiral out of control. This is especially true if it has a balance transfer offer too, as the rate of interest could be higher after the free term than the previous credit card,” concludes Munroe.
To easily access your Equifax Credit Report visit www.equifax.co.uk where it is designed to help individuals understand their credit file. It also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life’s challenges. If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at £6.99 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.
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