End of Recession for UK Economy

GPD Growth Shows End of UK Recession

Figures released by the Office for National Statistics today showed that the economy had grown by 0.1% in the last three months of 2009, marking the end of the UK recession.

Figures show the Gross Domestic Product (GPD) increased 0.1% in the fourth quarter of 2009, compared with a decrease of 0.2% in the third quarter.

Growth in the economy had previously decreased for six consecutive quarters, the longest period since quarterly figures were first recorded in 1955.

Unemployment slows

Although economic growth is slow, other recent recovery signs are emerging as last week’s unemployment figures fell for the first time in 18 months.

The UK has been one of the last major economies to come out of the recession since the recession began in the April - June quarter of 2008.

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Could You Save £250 a Year on Your Mobile Phone Bill?

Britons Waste £13bn a Year on Unused Texts and Calls

New research supplied by moneysupermarket.com reveals that the average adult wastes almost half (45%) of their mobile tariff’s minutes and text allowance each month. Staggeringly, many mobile phone users could potentially save £250 a year on their mobile phone bills.

The research for the fourth annual Mobile Money Report found that customers on contractual plans were wasting 137 minutes every month, equating to 27 hours a year for the average pay monthly mobile user.

The research also suggests that adults are now wasting up to 40 per cent more minutes and twice as many texts (compared to the 2007 Mobile Money Report) with the average adult wasting over £250 worth of mobile allowance each year, raking in £13bn every year for the mobile industry.

Mike Wilson, manager of mobiles and broadband at moneysupermarket.com said:

“It’s great that consumers are under their monthly allowance to avoid any extra costs, but it’s also important to get the most out of your contract for what you pay each month. One of the best ways to do this is to assess what your monthly usage is and find a contract that suits you best.”

Contact Your Network Provider

If you have unused messages and calls left at the end of each month it may be useful to contact your
network provider to see if you can save money and cut your monthly bill.

Payplan

If you are struggling to meet your monthly payments contact Payplan today for free, confidential debt advice.

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Warning Over Credit Card Use to Pay Mortgage

1 Million People Pay Mortgage With Credit Card

Research conducted by housing charity Shelter found more than 1 million householders have resorted to credit cards in a bid to pay their mortgage during the last twelve months.

The survey highlighted 6% of those who were liable for paying their rent or mortgage had used credit cards as a method of payment, accounting for more than 1 million people.

Further findings saw 1 in 12 Londoners resorting to credit cards to pay their mortgage or rent.

Kay Boycott, Shelter’s director of policy and campaigns said:

‘This is a shocking discovery, that over a million households in Britain are in such desperate circumstances that they need to borrow money on credit cards to pay for basic housing costs’.

Warning

The charity has issued a stark warning to people about the dangers of using credit cards which could result in the loss of their home, warning that defaulting on their credit card repayments may lead to their homes being repossessed.

Seek Advice

The Charity advises those struggling with payments to seek advice immediately. You can find out more information by visiting the Shelter website, offering online advice.

Get Debt Help Now

Payplan offer debt advice on a range of issues. You can contact Payplan online for free advice and support to help manage your debts online.

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House Prices Rise Eight Months In a Row

House Prices Rise 5.9% in 2009

Figures released this week by Nationwide recorded a rise in house prices from 2.7% in 2008 to 5.9% by the end of 2009.

Housing Transactions Up

As house purchase transactions fell by 65% between January 2007 and November 2008, interest rates hit record lows. As a result, potential buyers with enough cash entered the market, leading to a steady pick-up in housing transactions throughout 2009.

The average cost of a home went up for eight months in a row, and in December they rose by another 0.4% to £162,103.

Martin Gahbauer, the Nationwide’s chief economist predicted interest rates would remain generally supportive for the housing market and mortgage borrowers during most of 2010.

Mortgage Lending

Gross mortgage lending totalled an estimated £12 billion in November 2009, a 10% drop from £13.3 billion in October 2009, and down 14% from £13.9 billion in November 2008, according to new data from the Council of Mortgage Lenders.

Although the 10% fall is a little larger than normal, the CML does not expect this position to change much in the coming months, foreseeing steady market conditions in 2010.

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