youthmoney

Want to help young people compare the cost of borrowing? Lenderscompared.org.uk is a brilliant new site that does just that. It’s paid for by the largest home credit companies, but operated independently by consumer organisations, including the National Consumer Council, Association of British Credit Unions, the Consumer Credit Association. I just tried it. I imagined [...]

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There are loads of financial education materials on existing websites. They include ideas, strategies, support materials, workbooks and the rest. Those working with young people, especially those not in education, employment or training, might want to adapt materials originally designed for the classroom. But no one has to reinvent the wheel. Material is there, but [...]

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Doorstep lenders, also known as the home-credit industry, lend money to people who banks and building societies aren’t interested in.  Interest rates, when worked out in a proper annual percentage rate fashion, are at shocking, rub-your-eyes-in-disbelief levels. Not the single figures of an authorised overdraft. Nor the 20% or lower credit card rate. More like [...]

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Barclaycard this week announced changes to its minimum repayments. Most customers see their monthly minimum reduced — from 2.5% to 2.25%. Marks & Spencer is doing similar with its store card. Which is a great time to warn young people of what happens if you have a large debt and pay off only the minimum. Like, [...]

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