'Positive news' found in credit crunch

By Sarah Engle, Wed 17 Sep 2008 - Published in Banking

Despite the recent turmoil in the financial world, some positive events have occurred for savers, experts have claimed.

According to Moneyfacts, "there is some glimmer of hope in the personal finance world as in the last few days we have seen some positive moves by providers".

The organisation pointed out that although the number of cuts to mortgage rates has reduced over the last week, providers including Abbey, Lloyds TSB Scotland and Cambridge BS have announced cuts in the past two days.

Credit cards also saw good news, as Halifax and the Bank of Scotland revealed they have increased the introductory purchase deals on some of their products, although they have reduced the duration of the balance transfer deal.

In addition, loans customers may be pleased to hear Moneyback Bank reduced rates on unsecured personal loans on values between Ł7,500 and Ł15,000, the group noted.

Yesterday (September 16th), research analyst Dafaqto suggested people put aside time to plan their personal finances to minimise the impact of the credit crunch.

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