Financial matters

[Trojan]

How many credit cards do you carry around with you?

Meet Pete D'Arruda: A man with 25 charge cards, more than a quarter of a million dollars in available credit -- and a lot of financial self-control.

http://finance.yahoo.com/banking-budgeting/article/112976/meet-credit-card-king-with-300000-in-credit-marketwatch?mod=bb-creditreports

[Merddin Emrys]

we don't have one at all!

[SDQ]

I got myself into a bit of financial trouble with credit cards a few years ago. To help pay the debt quicker I amalgamated all debt on to one card at 0% and changed it every 6 months for another introductory deal. When I eventually cleared my debts I was quite proud of myself but I made one mistake, as I changed cards I never cancelled the old one thinking that as there was no debt on it it didn't matter. I was told that although they were at zero the available credit was counted on my credit score and acted against me for any future applications, so I could apply for a 0% card but would be refused as I had cards with over £30,000 available credit on them. I immediately cancelled all but one and applied for nothing for a couple of years to clear my credit file as I was saving up for a deposit for a house & didn't want to risk blowing the mortgage application on a technicality. They should make things like that known to us mere mortals.

I heard a case where a guy went on the internet to apply for a credit card and shopped around first to get the best deal. When he eventually found the one he liked his application was refused because of all the searches that had been placed on his file by the other companies even though he didn't actually fully apply for them.

Another famous case was DJ Tony Blackburn who applied for his first credit card a few months ago but was refused because having never been in debt and having no mortgage he was told by the company he 'didn't exist' as he had no credit file against his name.

The mind boggles!

[Ian]

That's right;  a perfect credit history works against you when applying for a credit card or loan. In a sense, that neatly epitomises the current financial mess, sine banks have been driving the credit take-up for years, without bothering to think about the possibility of default on a massive scale.  Combine that with the absurd and potentially suicidal trade in Futures, and we have the world as it now is.

[Fester]

Sadly, that is absolutely true..

Since 2008, it is only possible to borrow money if you can PROVE that you don't actually need it !

[DaveR]

Making it difficult to borrow money is the way it should be. So many people have got themselves in deep problems with debt unnecessarily.

[Ian]

Making it difficult to borrow money is the way it should be. So many people have got themselves in deep problems with debt unnecessarily.

That's right, but one can only hope they apply the same rules to everyone. The big borrowers - who started all the problems - seem to have little difficulty.

[DaveR]

HOUSE prices have dropped by 3.9% over the past year and are set for further falls as sellers become more realistic about the value of their property, according to a survey.

The number of sales agreed by agents rose by 10.6% in June – its highest level for three months – after the market was boosted by sellers agreeing to lower prices, according to housing intelligence firm Hometrack.

Prices fell by 0.1% in June and have now dropped in 11 of the past 12 months across the UK.

Activity in the market varies in different parts of the country, with demand for homes in London remaining strong where the average time a property stays on the market is at just six weeks.

This is compared to Wales where it takes an average of 14 weeks to find a buyer.

Hometrack researchers predict that prices will fall by about 1% in the second half of the year as more new homes come onto the market but demand remains subdued, causing the number of homes on estate agents’ books to rise.

http://www.dailypost.co.uk/news/north-wales-news/2011/06/27/house-prices-fall-by-3-9-55578-28945933/

[hollins]

I saw something encouraging for North Wales exports today.
An Ivor Williams trailer from Corwen, Denbighshire being used on a Swiss farm.
The ultimate compliment I would think!

[DaveR]

 

[Ian]

Seems the worst is not over as 
TJ Hughes
Moben
Habitat
Thornton's
Jane Norman
All announce the arrival of liquidators or administrators.  I suspect Argos might not last, either, even with its relatively strong internet shopping arm.

[Bellringer]

I don't think Thorntons has Ian, but they are to close up to 180 shops/outlets and concentrate more on their online business and franchises.

[Yorkie]

Seems the worst is not over as 
  I suspect Argos might not last, either, even with its relatively strong internet shopping arm.

I don't think there will be any major problem with Argos.         

They are part of the Home Retail Group with Homebase, that has just taken over the Habitat name.

[DaveR]

Seems the worst is not over as 
  I suspect Argos might not last, either, even with its relatively strong internet shopping arm.

I don't think there will be any major problem with Argos.         

They are part of the Home Retail Group with Homebase, that has just taken over the Habitat name.

Home Retail Group is struggling, albeit not as badly as many other retailers. Nice article in the FT:
http://www.ft.com/cms/s/0/04f3b84c-926b-11e0-96e0-00144feab49a.html#axzz1QYhxawWs

[DaveR]

More doom and gloom:

Carpetright has seen its annual profits slump by 70% in the face of "very challenging trading conditions".

Pre-tax profit for the year to 30 April was £6.6m, down from £22.3m a year earlier, with trading hit by reduced consumer spending and the continuing weakness in the housing market