Banks in the UK are adding to the financial burden of households by having record level high interest rates on borrowing. The banks are charging record amounts of interest on credit cards, overdrafts and mortgages even though the Bank of England’s 0.5% base rate of interest is at an all time low. The Bank of… (0 comment)

Halifax mortgage customers are going to find their mortgage payments climbing as the money lender hikes there interest rates by half a percent. The rise in mortgage costs will come into effect in May with Halifax’s standard variable rate climbing to 3.99%, nearly 3.5% above the base rate. Halifax was Britain’s largest mortgage lender before… (0 comment)

It is reported that UK Families are spending almost a quarter of their disposable income on interest payments alone. The debt charity “Consumer Credit Counselling Service” (CCCS) reported today that the interest burden on families had reached an average of almost £200 a month during the last 3 months of 2011. The report shows that… (0 comment)