One of the best ways to make sure you stay in control of your finances is to set yourself a budget. Take a look at where you are currently spending your money – you’ll probably notice the areas where you could cut back. Then, plan how much you can afford to spend each month, and how it should be distributed. Many people find it easier to withdraw cash, so that they can keep better track of their spending than they would when paying by card.

Review your current bank cards and accounts to ensure that you are using those which are best suited to your individual situation. By using sites like lovemoney.com and, of course, thriftyscot.co.uk, you can compare a variety of banking offers quickly and conveniently. You might find that you would be better off by switching from the accounts are cards which you are currently using, to others which are better able to accommodate your typical spending habits.

If you have existing debts, then you should make sure that repaying these loans is your priority, before you begin saving. It is also a good idea to avoid offers which allow you to defer payment for an set amount of time. Instead, avoid racking up future debts by paying for the majority of your purchases outright. If you’re used to certain luxuries, whether it be dining in expensive restaurants or taking extravagant holidays, then it is worth thinking about where you might be prepared to cut back. You may even find it easier to place the savings which you make in a separate savings account.

Managing Your Money is a post from: The Thrifty Scot

The day of the wedding was a warm and sunny one, making it perfect for those that were planning to host parties and events for their friends and family in order to celebrate the event. With the day off work many also had more of an opportunity to spend money that they would otherwise not have had time to spend. Many also travelled to London for the big day, either camping out and buying food and drink or staying in hotels nearby to watch the event.

Many of these purchases made by consumers in the run up to the big day will have been put on credit cards, which means that thousands of people will have accrued extra debt on their plastic over the royal wedding day and the run up to the big day. For those that do not repay the balance in full within the interest free period on the card the cost will be even higher, as they will also have to pay the interest on what they spent, making the cost of celebrating the royal wedding even higher.

One official said: “Although many people obviously enjoyed celebrating the wedding, hosting parties, and even going to London for the big day, many will now be facing repaying all the money that they spent.”

The Royal Wedding credit card debts is a post from: The Thrifty Scot

Around seventy seven million people are thought to have been affected by the theft of the personal data, which includes customers’ names, address, email address, password and bank details. Several million of these people are in Britain, and officials are now urging those affected to take steps to protect their finances and their identity. Around three million Brits are being urged to cancel their credit cards in order to minimise the risks, check their credit report to ensure others have not performed or tried to perform financial transactions and applications in their name, and check on passwords. It is advised that anyone that uses the same password for all accounts gets the password changed as soon as possible to reduce risks.

The breach of security and the delays with being informed have outraged customers who have been affected, as the risk has been heightened by the delay in finding out about the breach of security. Sony is facing a compensation bill of $220,000,000 in the UK alone as a result of the matter.

One official said: “It’s one of the biggest hacks on record. If I lost my credit card in the back of a taxi, I’d cancel my card. If Sony loses your credit card details, then it’s worse. This security breach is not just a public relations disaster, it’s a very real danger for its many users.”

Millions of British credit card holders urged to cancel their cards is a post from: The Thrifty Scot

For many people the only way to get through this financial climate is to rely on credit, and officials are concerned that many may start to turn to credit cards in order to fund the basic payments such as bills, fuel, and food, which means that unless they repay the money that they spend in full each month they will start seeing their debts mount up. They will also find themselves in a position where they are unable to spend on their card any longer when it reaches its limit.

The current financial climate could see the level of applications for credit cards increase, as consumers try desperately to find a means of funding their necessary purchases. The situation could also lead to an increase in the number of people that are unable to deal with their debts.

Those that are finding themselves in a situation where they are unable to cope with their essential payments are advised to make sure that they contact a debt advisor or charity to find out what options are open to them. Officials are concerned that many may just keep trying to live on credit until they have no other option but to start missing payments, which is why they are urging consumers to seek advice sooner rather than later.

Bad financial climate could mean more credit card applications is a post from: The Thrifty Scot

Figures that have been released have shown the difference between balance transfer interest free periods a year ago and those seen today. According to the data the average interest free period on balance transfer credit cards in March 2010 was 15.2 month. It has now stretched to the longest on record, with the average interest free period being 17.8 months. One provider is said to have increase the interest free period to as long as twenty months.

Many people will be excited to hear about the hot competition and the longer interest free periods that are coming from providers, as for many this will be an opportunity to transfer high interest balances from existing credit cards and then enjoy plenty of time within which to repay the balance without having to pay any interest on the debt. However, industry officials are urging consumers to check the small print and be mindful about possible fees and charges that will come with these cards.

One official stated: “This competition is welcome news for those consumers who are in a position to take advantage of this price war and consolidate any existing credit card balances on to cheaper deals. However, consumers need to be aware that most lenders are giving these deals to customers who have excellent or good credit histories. If you fall outside of this category then you may find your options are more limited. Before applying for a credit card, consumers need to check their credit profile and make sure there is no adverse information that would jeopardise their chances of being accepted.”

Competition starts to heat up amongst credit card providers is a post from: The Thrifty Scot

Anyone that signs up and gets accepted for one of these credit cards will receive a free return flight to one of a range of selected European destinations. Dublin, Madrid, Paris, and Amsterdam amongst the places that consumers can travel to via this deal. The offer is available to those that apply and are approved by 27^th March, so there isn’t much time to take advantage of it. For those that are looking for a new credit card and who want to have a break away somewhere this could be the perfect package.

However, one thing to bear in mind is that the return flight that is offered does not include airport taxes, passengers fees, and fuel duty, so this is something that the traveller will have to pay for themselves. For those that were planning to take a break somewhere anyway the offer can be quite beneficial.

One industry official said: “The Post Office credit card is one of the best cards to have when travelling abroad. Not only does it have 0% commission on any purchase overseas but there is also no cash advance fee when you buy Post Office travel money. So although it is worth considering this card anyway, if you can get a cheap holiday to Europe in the process it can only be an added bonus.”

Credit card comes with free flight is a post from: The Thrifty Scot

Figures were compiled by moneysupermarket.com based on research that was carried out, and the data highlighted the importance of consumers checking and understanding their credit rating, which is a vital factor that is looked at by lenders when deciding whether or not to offer credit facilities. This credit history relates to financial information such as paying bills on time, maintaining debt repayments, and managing debt properly.

Consumers are also warned that applying for credit too many times and getting rejected can leave black marks on their credit files, which can also cause damage that results in refusals. The more you get refused the more you are likely to be refused for credit cards and loans, so consumers may find themselves in something of a catch 22 situation.

Officials have said that consumers need to conduct thorough research in order to determine which cards they should apply for based on eligibility. However, before applying for any finance they should ensure that they check their credit report and file and that it is all in order.

Those that want to check their credit files and histories before applying for finance can get a copy of their credit report with ease online. This will show them the state of their credit and finances, and for a small fee they are able to also see what their credit score is.

A quarter of credit card and loan apps rejected in last year is a post from: The Thrifty Scot

The study found that out of 120 calls that were made to credit card firms in respect of this issue 71 of them failed to result in useful advice or assistance being given with regards to making a claim. The refunds that consumers are entitled to claim under this Section of the Act relate to purchases for over £100 where there is a problem with the purchase or if the company goes under.

The research was carried out by mystery shoppers, and as part of the study twelve of the biggest credit card providers were contacted and asked about how to go about making a claim for goods that had been purchased using a credit card. Out of the 1230 advisors only ten referred to the Consumer Credit Act. In addition this only one of the researchers actually received the correct information when it came to the limits on claiming.

Of the various credit card firms that gave out wrong information Nationwide and Tesco Finance were picked out as being particularly poor with advice, having failed to pass any of the Which? tests.

An official from Which? said: ‘It’s not as if the rules on credit card claims are complicated. This situation is unacceptable – companies must accept that advice really matters. Consumers are potentially missing out on money they’re owed because they’ve been misinformed. The industry must know the rules, and it shouldn’t be up to the consumer to remind them of their rights.’

Wrong information given out by credit card companies is a post from: The Thrifty Scot

However, industry officials have said that consumers could get a far better deal if they opt for an interest free purchase credit card as long as they are careful about how they use and spend on the card. With an interest free purchase credit card consumers can enjoy borrowing with 0 percent interest as long as they repay the money within the specified interest free period.

Many credit card firms are now offering 0 percent purchase credit cards with generous interest free periods, which means that users can buy what they need now and then pay gradually over the specified interest free period without paying anything more than the actual cost of the purchase.

Industry officials have said that it is important for consumers that do decide to use these cards to make at least the minimum repayment each month, and to ensure that they clear the balance by the time the interest free period expires in order to avoid paying any interest on their borrowing.

Consumer are also advised to browse and compare a number of these interest free purchase credit cards, as the interest free periods can vary from one card and provider to another. This is something that can be done easily and quickly online, which means that consumers will not have to put themselves out in order to get the ideal interest free credit card.

0 percent interest card could help many people is a post from: The Thrifty Scot

For many people last year was a very difficult one in terms of their finances, and many will be striving to make sure that their finances are in a better state this year. With many people also having the debt that they accrued on their credit cards over Christmas and New Year to worry about as well the searches for balance transfer cards are likely to come thick and fast as people try and get rid of their high interest debts.

Santander Credit Cards carried out the research, and the results showed that just over 30 percent of consumers were planning to transfer their credit card debt over the course of this year, which equated to around 2.8 million people. Of these, around 1.5 million said that they would make the transfer in the first three months of the year.

A Santander spokesperson said: “Our research shows that millions of people are switched on to the benefits of transfer offers and are choosing to take a proactive approach to managing their money, which is great to see. The fact that the average amount being transferred has fallen considerably over the past couple of years would also suggest that consumers have reined in their spending and that credit cards are being increasingly well managed. January can be a particularly tough time financially, which is why we encourage consumers to keep a close eye on their finances and to shop around to ensure that they are receiving the best rates.”

Thrifty consumers plan to transfer their debt is a post from: The Thrifty Scot