UK consumer tips, news, and views on all things finance related.

At the end of last year we as a nation owed more than £1400 billion.

That averages out at an astounding £9,000 per household - not including the mortgage!

As new mortgage approvals hit the lowest levels since records began in 1990, we are now also seeing a further drop in the value of houses across the UK.

Halifax have reported figures are now down by 0.9% - however the average house price is still a  staggering £189,00.

The number of credit and debit cards that are stolen are being used even more fraudulently than at first anticipated.

Over £500 million more fraudulent activity was reported than was first reported, after an undercover investigation was performed.

In 2006 the Office of Fair Trading (OFT) decided to make sure all banks and building societies who issued credit cards had their default charges capped at £12 as opposed to the £25-£35 charges that many people experienced when going overdrawn or missing a repayment.

The Bank of England have cut the base interest rate to 5%, a 0.25% reduction from last months rate.

The UK’s central bank vote each month and decide what to do based on a set of factors.

Well, it looks like the borrowing boom of 2006/2007 is well and truly over in 2008.

First Direct Bank and the Skipton and Derbyshire building societies have all declared this week that they are no longer taking any new customers seeking a mortgage or remortgage.

“the Financial Services Authority (FSA) have found that about 7 million people are unable to get money from usual mainstream resources”

Scary news, as the credit crunch starts to show its domino effect and hits the loans market.

More people are finding it harder to borrow money as lenders tighten up the strings on their purses.

A recent survey has shown that mobile phone shoppers have been getting more savvy, and about a third - 31% - of all mobiles bought in the UK today are actually purchased online.

The Citizens Advice Bureau have reported an increase in the number of people asking for advice. The single most common problem seems to be debt.

People are very worried about mortgages and mortgage arrears, along with general debt from an increase in household bills.

Moving house can be an incredibly stressful and expensive time, and it seems that more and more people are opting to improve their homes instead of upping sticks and moving to a different house.

FinanceLocator.co.uk

It is getting more and more popular to improve your home than actually move house.