About Credit Card

Failed do-it-yourself home repairs in the UK have now reached an estimated £350 million repair bill. 

In addition to the risk of damaging personal affects, there is also a high risk of voiding home insurance policies when work is not conducted by a professional craftsman, carpenter, plumber or electrician, Halifax cautioned.

Spokesperson Vicky Emmott said, “Trying to tackle certain areas that you are not qualified for - such as electrics or plumbing - could invalidate your home insurance. It’s far better to employ a reputable tradesman than to risk damaging your home by going it alone.”

At the very least, whenever any serious repairs, upgrades or renovations are being considered, it is strongly suggested that the homeowner consult with a licensed professional before beginning work. 

Homeowners should also consider that when repairs or renovations are conducted by a professional, he or she should carry their own insurance in the event of damage claims, thereby releasing the homeowner of any liability.

Many necessary improvements generally add value to a property and may often be funded through a home equity loan, even if the homeowner already has debt.

Home equity loans release some of the value typically locked up in the form of equity, thereby providing the funds needed to reinvest in one’s own property. 

Checking the property values of similar homes in the surrounding area or neighbourhood can often give a homeowner a fair idea of how much should be invested, in order to realize a decent return on invested money. It is almost never a wise idea to “overbuild” in an area that won’t support the amount invested, but conversely, keeping a property in step with the comparables usually ensures a sound investment.

According to the Office of Fair Trading, about one-fifth of debt consolidation loans are secured against property.

AXA insurance spokesman, Steve Folkard stated, “Money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism. Encouraging adults to take greater control of their finances could actually go some way to reducing not only the UK’s levels of personal debt, but also the cost of stress.”

Mr. Folkard also claimed that employees already waste more than three hours a month chatting and sending text messages.

But concerns about personal finance and debt have resulted in an annual expense of nearly £10 billion to the UK economy. According to Axa, £9.6 billion is the new estimate in costs associated with employees taking time off to manage their finances.

However, allowing workers to focus on their own finances for one hour during business hours, could greatly alleviate the loss of employee absenteeism and the costs associated with the loss of productivity, the firm asserts.

Employees facing serious financial concerns tend to be more easily distracted and less capable of focusing attention on their tasks. Conversely, when individuals feel in control of their financial lives; focus, clarity and creativity tend to rise substantially along with better over-all health - which further reduces worker’s absenteeism.

The Office of Fair Trading asserts that two-thirds of Britons who had obtained a debt consolidation loan, did so without consulting more than one lender. And having the extra time during the day to research and manage personal financial issues could reduce the cost of repayments as a whole.

Veterinary fees have begun to top the list in the greatest expenses associated with pet ownership – sending an increasing amount of Britain’s wealth into the pockets of veterinarians. 

Healthcare for humans and pets alike is always of primary concern; but new information compiled by insurer Direct Line, shows 22% of dog owners have struggled significantly to pay for the expenses associated with treating their pets’ healthcare needs.

Nearly 18% of those polled revealed they had lapped-up their savings to meet the financial requirement of their veterinarian’s bill - while 8% sought loans from their family and friends to pay for “Fee Fee’s” care.

Nearly 11 million mollycoddling Brits are adding a combined £1.5 billion to the national debt for the sake of their beloved animals.

Head of pet insurance, Chris Price added, “When a pet gets ill the cost of treatment can add up quickly, so it is important to make sure that you have a plan in place to cover the bills.” For owners with no pet insurance, secured loans could be an alternative in order to meet the cost of veterinary treatment. In most cases, a secured loan with a fixed repayment period would be a more sound financial decision than turning to high-interest credit cards.

Moreover, pet owners should mind their veterinarian’s advice and keep pets at a healthy weight since obese pets are far more likely to require long-term treatment. Additionally, for those considering acquiring a pet, the average expenditure on dog food is now at approximately £209 per year. 

There is no doubt that the majority of pet owners agree that their pets are far more like family, than the antiquated idea of their pets being “just animals.” They’re precious and much adored by the entire family. Their endearing antics often tug at our hearts and most of us wouldn’t give up our fluffy, sleek or rugged companion for anything. So when illness or injury suddenly occurs, more often than not, owners have a knee-jerk reaction and dive straight from their hearts to their piggy banks to mend their friends. Therefore, when considering insurance products, remember to cover that darling little doggy with the waggily tail.

In the pursuit of physical “perfection” many Britons are now finding themselves in debt to pay for plastic surgery, liposuction (the removal of fat), breast augmentation, tummy tucks, rhinoplasty (nose-jobs), and so on. 

According to research findings from Abbey, Britons are willing to take on loans worth a collective £1.4 billion for the multi-purposes of cosmetic or plastic surgery. 

“We are seeing an increase in requests to borrow for plastic surgery. Whether striving for visible perfection or as part of a medical treatment, plastic surgery is getting more and more popular among Britons,” offered Paul Morrish, Head of Abbey Loans. 

Apparently, nearly one million adults in the UK are now considering taking on debt in an attempt to either achieve a quick fix on their bodies, or undergo a corrective surgical procedure. Additionally, Axa has announced that with the growing popularity of plastic surgery, nearly a quarter of a million retirees are also considering some form of plastic surgery.

The most popular procedures for which such loans are being sought are breast augmentations, the bank states - being 27% of all plastic surgery operations performed. Following breast augmentation by popularity, are tummy tucks and nose jobs. 

Rhinoplasty can be performed to meet aesthetic goals or for reconstructive purposes to correct birth defects or breathing problems. It is sometimes combined with a chin augmentation to enhance the over-all aesthetic results. 

Liposuction, also known as lipoplasty (fat modeling) is a cosmetic surgery that removes fat from many different places on the body. The fat is usually removed via a cannula (a hollow tube) and aspirator (a suction device). The amount of fat removed varies by each procedure, but the average amount is typically less 5 kg. 

No surgical procedure is a low-effort alternative to exercise, diet, or self-esteem. Therefore, all individuals should carefully consider the significant personal and financial risks involved in elective procedures, before making the decision to go under the knife and anesthesia, or under the laser. 

But in cases where plastic or cosmetic surgery is assured, very careful examination of physicians’ experiences, past results and levels of education should be closely examined to ensure the best possible outcome.

Many of our youth who would typically take a year off from school before beginning their studies at college, are now foregoing the break to prepare for impending debt.

A great number of students (and parents) have growing concerns over the rising cost of student loans, tuition and all associated expenses of higher learning. Students are therefore beginning to work through their traditional year off and save money to meet the expensive demands, according NatWest. 

Mark Worthington, Head of NatWest Student Banking, offered, ‘It is encouraging that young people are thinking ahead and using their gap years as a valuable opportunity to save for their future studies.’

Research has revealed that more than 50,000 such youngsters plan to work through at least one year; in order to lessen the debt they will accrue while undertaking their studies. Additionally, a growing number of students will also continue to seek work during their study periods, and split their time between earning an income and gaining a higher education.

A recent Halifax Student Finances survey showed that the average debt accrued by those in ongoing education through loans, overdrafts and credit cards, now stands at approximately £7,502.