With A Recession Looming Many Are Watching The Pennies. Research Shows This Doesn’t Seem To Be The Case With Holidays This Year

At the start of the school holidays, as most start there travels abroad, new research* by The Co-operative Bank Credit Cards has shown that even though most are worried over rising inflation the majority of people (53%) will not be watching the pennies on their holiday expenditure this year.

Many spend before reaching there destination, where on average people spend £18 each before even boarding their flight, which equates to £72 for a average family. Most people spend this on food and drink (84%), after this came books and magazines (60%,), 3rd was duty free (35%), 4th last minute essential’s (17%) and last was currency exchange (4%).

In addition the research also embolds that this year more than three quarters of people (77%) are planning to pay for a period of their summer break on their credit card.

Maxine Xodo, Product Manager for Credit Cards at The Co-operative Bank says, “The findings clearly show that despite the current economic climate, after working hard all year many people are reluctant to cut back on their summer holiday spending. However as more people are putting holiday spending on their credit cards, it pays to make sure they are getting the best deal for their needs.”

The Co-operative Bank offers a fixed rate platinum card, with a low fixed rate of 9.9% APR typical variable for the first five years.

In addition to this the card provides everyone with access to a large amount of travel benefits this includes up to £100,000 free travel accident insurance when the card is used to pay for travel tickets, 24 hour medical and legal assistance overseas, as well as money off on holidays, travel, airport parking, airport hotels and car hire.

Maxine Xodo, adds, “When travelling either home or away this summer, this card offers customers a wide range of market leading travel benefits, with no annual fee to pay as well as peace of mind that the low rate they sign up to will remain fixed for five years.”

Full details of the card are as follows

– A low fixed rate of 9.9% APR (typical variable) for the first 5 years
– Up to 46 days interest free credit
– Free 90 days purchase protection insurance
– Card replacement service and emergency cash
– 24 hour medical and legal assistance overseas
– No annual fee
– Up to £100,000 free travel accident insurance, when the card is used to pay for travel tickets
– Travel benefits including discounts on holidays, travel, airport parking, airport hotels and car hire.

Customers wanting further information should call 0800 731 9474

The platinum credit card is available at
www.co-operativebank.co.uk/servlet/Satellite/1193206374589,CFSweb/Page/Bank-CreditCards they are available to people over the age of 25, with an income of over £25,000.

Full product details are as follows:

– 9.9% APR (typical variable) for the first five years
– 9.9% Purchases
– 9.9% Cash
– 9.9% Cheques
– 9.9% Balance transfers (excludes balance transfers from other Co-operative Bank credit cards)
– Up to 46 days interest free period if balance is paid in full by the due date (purchases & balance transfers)
– Minimum repayment 2% of outstanding balance or £5 (whichever is greater)
– Minimum credit limit of £500, maximum credit limit subject to status
– No annual fee

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Gregory Pennington Has Warned That The Recent Growth In Retail Sales Should Not Be Taken As A Sign Of Market Recovery

Responding to the recent news that retail sales growth enjoyed an unexpected rise in July, debt management company Gregory Pennington (http://www.gregorypennington.com) has warned that this should not be taken as a sign of market recovery, and that consumers should still be looking to protect themselves against a potential downturn at some point in the future.

Despite the Office of National Statistics’ predictions that retail sales growth would fall by around 0.2%, July in fact saw a rise of 0.8% compared to the previous month – a figure which, according to a Gregory Pennington spokesperson, may prompt some to “underestimate the danger that lies ahead for the economy”.

The figures follow June’s sales growth actually falling by around 4.3% – the largest decrease for several years. But the Gregory Pennington spokesperson says that this simply reflects the volatile nature of the retail market. “It’s important to look at the bigger economic picture,” he says. “Inflation is at a 16-year high, costs of living are increasing, and unemployment is rising – all of which are likely to affect the retail market negatively in the long run – but the full impact is yet to be seen.

“The retail market has seen several years of fluctuating growth – even when the economy was very strong. The rises and falls are rarely any bigger than two per cent, which is minimal in the scheme of things, and is probably coincidental.

“June’s fall of 4.4% did raise some concerns for the market, but the fact that it’s gone straight back up by 0.8% shows that this was just a particularly wild fluctuation.”

The spokesperson added that consumer caution is still necessary, highlighted by the recent year-on-year increases in people experiencing debt problems – which can be partly attributed to overly relaxed lending and high consumer spending.

“Statistics show that the number of people seeking debt help has been steadily increasing for well over a decade now – with the most distinct rise coming in 2007, when the credit crunch began to hit the economy,” he said. “Since problems with debt tend to filter through over a long period of time, we would expect this pattern to continue well into 2008 and 2009.

“Realistically, a continued slump in the retail market would in fact be a good sign for the economy, since it would show that people are taking the economic downturn and risk of getting into debt very seriously, as well as helping to bring down inflation.”

The spokesperson went on to say that if people do find themselves struggling in the coming months, they should seek debt help from an expert as soon as possible. “It’s looking like the downturn we are facing will be quite severe, and we would expect people with existing debts to suffer more than most – not to mention many people may be forced into debt as money gets tighter,” he said.

“If that is the case, it’s essential you seek debt help from a professional debt adviser. Lenders and consumers alike will feel under pressure over the next few months, so your debt adviser should be able to help come to an agreement that suits both you and your lender.”

Gregory Pennington (http://www.gregorypennington.com) are a debt management company based in Salford Quays, Manchester. They offer a wide range of debt help and solutions, including debt management plans, debt consolidation and IVAs.

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Barclays Has Become The First Bank To Offer Complete Free Online Security Software To All Its Customers

Barclays has become the first UK bank to offer all its two million online banking customers free internet security software covering not only anti-virus software but also spyware, adware, firewalls, parental controls and spam filters.

The offer is available to all Barclays customers who sign up for its online banking. The software provided by leading internet security firm Kaspersky normally retails for £51 for an annual subscription, but Barclays will offer it completely free of charge with customers able to download it from its online banking website.

This follows on from Barclays becoming the first UK bank to roll out its two factor authentication system, PINsentry, in 2007 which protects customers against phishing attacks and fraudsters getting hold of customer security information. Over 1 million PINsentry readers have already been sent out to customers.

Sean Gilchrist, Director of Digital Banking for Barclays, said: “For the last two years we have offered customers free anti-virus software, but as internet fraudsters become more sophisticated it is important that customers protect their computers from all threats and not just viruses. Kaspersky has one of the best reputations in the business and together with PINsentry we believe Barclays online customers will have one of the best security packages of all online banks.”

Barclays has signed a two year agreement to provide the Kaspersky software which will be worth £102 to customers. Barclays will also allow customers to download the online security software on up to three personal computers for each licence so that customers can protect all the computers in the same household.

Barclays customers that do not currently bank online can register by going toBarclays.co.uk. Non-Barclays customers can gain access to the free software by opening a Barclays current account in branch or online.

Notes to editors:
Registered users can download additional online video content including a number of clips of Sean Gilchrist, Barclays Digital Banking Director, outlining the launch of Kaspersky, the importance of security and top tips for consumers to keep them safe. Downloads are available from www2.vismedia.co.uk/login.php

About Barclays
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 143,000 people.

Barclays currently moves, lends, invests and protects money for over 38 million customers and clients worldwide.

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Whatever Financial Problems An Individual Is Facing, It’s Crucial They Seek Debt Advice As Soon As Possible

Debt specialists GregoryPennington.com remind consumers with debt problems of the need to seek debt advice on time.

“Whatever their nature, virtually all financial problems have one thing in common: they get worse if left unaddressed,” says a Gregory Pennington spokesperson. “Whether someone’s behind on their mortgage payments or struggling to keep up with credit card bills, all the experts agree that the sooner they seek debt advice, the better their chances of clearing their debts as quickly and painlessly as possible.”

At the moment, mortgage payments are at the forefront of many homeowners’ worries. “The Council of Mortgage Lenders (CML) has reported 18,900 repossessions in the first half of the year, signifying a year-on-year increase of 48%. Given their forecast of 45,000 repossessions in 2008, this means they expect over 25,000 more before the end of the year.”

With timely debt advice, however, many of those potential repossessions needn’t happen at all. In a video on the BBC’s website, Judge Stephen Gold (Kingston-upon-Thames County Court) states: “The big message which I think needs to be screamed from the rooftops of the County Courts is this: that if you get into difficulty with your mortgage, don’t bury your head in the sand. Engage with the lenders. Pay what you can.”

“For unsecured debts,” the Gregory Pennington spokesperson continues, “the principle is essentially the same. When people contact us for debt advice, we stress that simply talking to a lender – whether they do it themselves or we do it on their behalf – can often produce results. A lender might agree to accept lower payments, for example, or to reduce the interest rate on a loan. It’s in the lender’s interest to arrive at an arrangement which the borrower can afford, so the money can be repaid as soon as realistically possible.

“Before they grant any concessions, of course, most lenders will want to see that the borrower is doing their utmost to order their finances and repay the debt. So the debt advice we provide goes a long way beyond ‘Talk to your lender’: we help people with all sorts of financial issues, from improving their budgeting skills to understanding their rights and responsibilities in relation to different kinds of debt.”

“If the individual’s situation has reached the point where debt advice simply isn’t enough, we can help them choose the debt solution that offers the best way out of debt. Depending on their circumstances, that could be a debt management plan, in which we talk to their unsecured lenders on their behalf, negotiating changes to their repayment terms so they can clear their debt at a rate they can afford.”

In cases where debt management isn’t appropriate, an IVA (Individual Voluntary Arrangement) or Trust Deed could be the answer: helping people reduce their monthly debt payments, these debt solutions can free up the money they need for mortgages payments, food bills and other essential living costs.

“Everyone’s circumstances are different, and no debt solution is ‘better’ than another – it’s a question of which is the most appropriate for that particular person under those particular circumstances. As always, the most important thing is for them to seek debt advice as soon as possible, before any further financial problems restrict the range of options open to them.”

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