Credit panic over?
As the stock markets seem to be back from the brink and the panic at the Northern Rock appears to be over, does this mean we’re over the worst?
Well, so far it seems there has been very little impact for the ‘average’ person on the street, city bankers and brokers may have a few grey hairs but will there be any long term effects for you and me?
In the short term we can expect higher interest rates, Abbey, Halifax and Royal Bank of Scotland are among the first lenders to increase some of their mortgage products, in particular the variable rates. This increase in rates could slow down the housing market and reduce consumer spending which may calm the economy.Perhaps the biggest area for concern is the housing market. A recent survey from the property web site Rightmove has already identified a sharp fall in the number of properties selling.
The good news is banks are putting together some fantastic savings account rates, a few offering in the region of 6.3 per cent AER (Annual Equivalent Rate) and credit card interest rates have, so far, remained unchanged. The zero per cent balance transfer and cash back credit cards are still readily available.
Probably 2 of the best 0 per cent offers in the world!
Barclaycard offers 0 per cent on balance transfers for 14 months with a 2.5% fee of the amount transferred. Click here to apply online now. 14.9% Typical APR .
Halifax One Special is again a fantastic offering of 0 per cent on balance transfers for 12 months, Typical APR is 15.9%. Click here to apply now. However this has a 3% balance transfer fee.