Category Archives: Money

FCA Warning: Are Young People In The UK Borrowing Too Much?

FCA Warning: Are Young People In The UK Borrowing Too Much?

In a recent ”Money Matters” interview with BBC, the C.E.O. of the FCA, Andrew Bailey expressed concerns about growing debt among young people aged between 18 and 34 years in the UK. His concerns came as the number of insolvent individuals in the 18 to 34 age bracket increased by 31% between years 2015 and 2016, according to the Insolvency Service.

The latest Insolvency Service statistics show that seaside towns in Wales and England have the worst debt levels among the youth in the UK. The towns that are worst hit include; Scarborough, Torbay, and the Isle of Wight.

The FCA is currently focusing on sustainable, affordable credit, i.e., reducing high-cost payday loans and long-term credit card debt. In his interview, Bailey warned that there is an increasing number of young UK citizens taking out credit cards and payday loans among other short-term credit loans to cater for basic living expenses.

Although Bailey goes ahead to state that the current debt levels haven’t reached a critical level from a macroeconomic standpoint, there are serious concerns about why debt levels are increasing among young people. Bailey attributes this new disturbing trend to a generational shift in patterns of wealth and income. He doesn’t view this trend as reckless borrowing per se, but an indication of the current basic living standards.

Bailey feels basic living costs have increased drastically over the decades forcing the young generation to borrow more to meet essential living costs. He points out specifics like the high cost of rental houses as well as poor/lack of income growth as the main causes of the debt problem. Today’s youth also have lower asset ownership levels which is a different generational experience from decades ago.

Bailey also attributes the current debt levels among the youth to an increase in ”unsecured lending” ranging from credit cards and overdrafts to car loan and personal loans. According to the latest Bank of England statistics, consumer debt now stands at over £200 billion and increasing drastically at 10% every year. Savings are also decreasing due to low interest rates and higher cost of living.

Other sentiments

According to Vince Cable, the Liberal Democrat Leader, the current debt problem among young people in the UK is attributed to the conservatives’ failure to implement their manifesto pledge on creating better laws for people facing financial difficulties. Cable claims the pledge to offer legal protection ranging from interest to charges and bailiffs for 6 weeks to individuals in distress because of debt will go a long way to solve the debt problem in the UK.

Jonathan Reynolds who is the Treasury’s shadow economic secretary finds a lot of human tragedy in the UK debt story. According to him, the youth don’t have a choice. Labour suggests there should be a cap on charges on other forms of short-term debt in line with the payday loan cap. According to Shadow Chancellor, John McDonnell, there is a need for special focus on credit card debt which has spiralled out of control. McDonnell has plans to help over 3 million people in the UK who are currently paying more than they should in interest payments.

Joanna Elson, the C.E.O. of Money Advice Trust agrees with Andrew Bailey’s sentiments. Elson states that although the current debt levels among the youth may not be severe to the economy, the trend has a critical effect on an individual level. Elson stresses the importance of debt advice but recognises the fact that very few young people are seeking financial advice when they find themselves in financial problems.

FCA intervention

The FCA is currently looking at some practices as well as forms of high-cost debt which are the main contributors to the UK debt problem. Although a lot has been done to regulate payday loans among other short-term loans in the recent past, the FCA boss would love to see increased focus on sustainable, affordable credit provision. The FCA has also turned its attention to the rent-to-own industry which charges high interest for ”white goods” like washing machines.

The FCA clampdown on payday loan lenders which started in 2015 brought sanity to a troubled industry. Payday loan charges are now capped. Borrowers don’t need to worry about affordability as long as they choose a reputable payday lender. Furthermore, there has been reduced over-dependence on payday loans according to Treasury select committee member, Kit Malthouse.

The next step is making the payday loan rules an industry standard. The FCA boss has stressed the importance of sustainable credit in society and offered assurances on maintaining a close eye on high-cost lending going forward.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

How Mobile Providers are Ripping You Off: Smartphone Money Saving Tips

How Mobile Providers are Ripping You Off: Smartphone Money Saving Tips

According to a recent Deloitte survey, Smartphone penetration rates now stand at approximately 80% in the UK. Smartphones have become incredibly popular in the UK and the world at large because they offer more communication options, endless applications, unlimited web browsing capabilities, unmatched entertainment and so much more compared to traditional mobile phones.

It is, however, worth noting that these added advantages come at a cost. Furthermore, there is a general consensus that mobile providers do very little to help their customers manage costs. Given the high cost of living and stagnant income growth in the UK, it’s important to find ways of cutting costs and saving to avoid over-dependence on payday loans among other types of short-term loans. Here’s how your mobile provider is ripping you off and what you can do;

1. Unlimited plans which aren’t unlimited

Smartphone users love unlimited data plans especially when data usage is concerned. In a world where live streaming rules, unlimited plans are highly sought after. What most Smartphone users fail to realise is; most unlimited plans have hidden limits which make them limited. For instance, unlimited data usually comes with speed and/or device limits if you exceed a certain limit. Mobile providers do maximize profits without causing congestion in their networks. To avoid paying for an unlimited plan which is not really unlimited, it’s important to do your own research before jumping on any unlimited plans that come your way.

2. Too much/too little insurance

Smartphone purchases via mobile providers usually cover repairs and replacements resulting from damage. There are however limits to this coverage. In most cases, you have to part with more money to insure your phone adequately against the most common Smartphone risks. In simpler terms, the insurance coverage you get when you buy a phone from your mobile provider is very basic.

On the contrary, mobile providers are also guilty of selling too much insurance to Smartphone buyers. You should check what is covered in your warranty, free insurance plan, and credit card plan (if you have any) when you buy your Smartphone to avoid incurring unnecessary costs. Mobile providers make money from selling Smartphones insurance, so research for a cover that serves you well instead of taking what is on offer. It’s also important to consider the fact that you may already have coverage.

3. Hidden contract terms

Mobile providers are also guilty of hiding contract terms, yet these details are crucial for controlling monthly Smartphone expenses regardless of the type of plan you have. You can find contract term details in your mobile provider’s website. It is important to read the terms yourself and seek clarification if needed as opposed to relying on what a mobile provider salesperson tells you. Mobile providers usually hide crucial information on upgrade fees, international roaming fees, overage fees and many other fees/conditions in lengthy contracts yet this information is vital for controlling cost. So, take time and read your contract to the letter.

4. Unauthorised/unnecessary text charges

Some mobile plans come with unlimited texting while others charge you a fee for every text sent. Others also charge for promotional texts received. It is important to avoid replying to unsolicited text which are promotional in nature. Such texts come in many forms i.e. as questions requiring an answer. You should avoid replying to such texts and anything you have not subscribed to. It’s also important to understand the texting limits of unlimited plans. You should also consider using free texting/messaging services today like Whatsapp or Facebook messenger to reduce your texting costs significantly. Such services are usually free if you have a Wi-Fi connection.

5. No cash on trade-ins

Mobile providers pay in credit as opposed to cash for old phones. They also tend to take longer compared to private options such as dedicated buyback companies which give cash instantly or send it within a few days. Furthermore, they tend to offer lower payouts for trade-ins (approximately 30% less) for old cell phones compared to buyback companies. It’s, therefore, better to sell your old phone through buyback companies when you are looking for an upgrade if you want to get the best value.

You stand to enjoy substantial savings and avoid reliance on short term loans by understanding how mobile providers rip off their clients. You can save £100 + pounds every year by understanding the terms of your mobile plan/contract and choosing insurance plans carefully. Avoiding texts and mobile provider trade-ins can also go a long way in reducing the money you spend on your Smartphone.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

10 Years Later, UK is Getting Ready for Another Debt Crisis

10 Years Later, UK is Getting Ready for Another Debt Crisis

Ten years after the dreaded 2007 credit crunch, the signs of another impending debt crisis have begun to show. Prices are rising nonstop year after year while wages remain the same. Many people have also resulted to loans to survive. Unsecured consumer debt has reached the 2008 levels at over £200 billion and what’s shocking is; it’s rising by over 10% every year. In a nutshell, the UK is back to where it was before the credit crunch. The only difference is, there are concerns about it early.

Concerns

Credit rating agency Moody’s and the Bank of England are among the institutions which have raised concerns about the impending debt crisis. The concerns of these institutions are however focused on the risks the current debt situation has on the economy.

The FCA (Financial Conduct Authority) has also expressed concerns and appears to do a better job by breaking the problem down at street level. According to the FCA, one in every six people with credit card debt, personal lending as well as car loans is in serious trouble. This translates to approximately 2.2 million people.

A recent TUC report dubbed ”Britain in the Red” highlighted this issue in 2016. According to the report, 3.2 million UK households were experiencing debt problems with 1.6 million people in serious debt problems i.e. spending over 40% of their monthly income to service debt.

What’s to blame?

The 2007 crash was blamed on reckless spending on luxury as well as household goods. The situation today isn’t much different with the biggest blame falling on cars.

Repercussions

One of the most favourite ways of getting money to spend on luxuries and household goods as a home owner in the past was to remortgage your home. But this only worked for homeowners who had bought homes before the market reached its peak. For those who are buying now, remortgaging isn’t an option. If the interest rates rise by 1%, 18,000 Britons risk going bankrupt according to the Insolvency Service.

The problem

The UK is just about to get into another debt crisis because of several factors. One, zero-interest deals are in abundance again. Many people are managing their credit cards by simply transferring debt. According to recent statistics, 43% of all credit card users in the UK have zero-interest deals. This may appear favorable to borrowers on face value, however; it has left many in persistent debt. Lenders love customers who manage to meet their minimum monthly repayment objectives. There are millions of such borrowers in the UK.

Personal loans are also a problem. Before the 2007 crash, the payday loan industry in the UK wasn’t as big. Nevertheless, people had begun depending on payday loans for survival. Statistics indicate that approximately 250,000 people were using short term loans such as payday loans as of December 2006.

The demand for short-term loans is also a problem. The recent payday loan regulations have made it harder for payday loan lenders to exploit vulnerable borrowers. However, the regulation can’t deal with the demand. Today, few people can be able to survive without debt. In 2017, debt is being taken for basic necessities as opposed to luxuries.

The reasons behind this are obvious. Wages have stagnated, yet prices keep rising. After the 2007 debt crisis, households cut off spending on new items. With time, however, spending is inevitable since things become old or get damaged. Most personal loans today are on rent-to-buy deals. Modern necessities i.e. white goods are being acquired more and more this way today.

What’s more is; people don’t save to buy such goods anymore. The low-interest rates have discouraged saving. As a result, fewer households have funds for catering for emergencies, let alone white goods when they are needed.

The biggest problem of them all is Britain’s skewed economy where wages don’t match the cost of living. Although low wages have been a problem for a long time, there were incentives like tax credits before. Today, the welfare state is being used to punish people. Individuals who are dependent are forced into accepting poor pay/conditions as well as debt simply because they don’t have an alternative.

Unsecured loans replaced Government tax credits after the crash.

The effects of this is; the poor will get poorer while the rich get richer. All signs show that the UK is getting into another debt crisis soon, unless something drastic is done to boost wages.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

UK Household Debt in Figures as of 2017

UK Household Debt in Figures as of 2017

The latest official government statistics indicate that UK household debt has increased by 7% since 2012 with consumer credit and student loans being the worst hit. The 7% increase has been adjusted for inflation. Back in 2012, the total UK household debt stood at £1.52 trillion. The debt has increased to £1.63 trillion as of March 2017.

The Bank of England and Student Loan Company statistics for individual household debt segments show that mortgage loans increased from £1.2 trillion to £1.33 trillion from 2012 to 2017. Student debt increased from £46.9 billion to £100.5 billion while consumer credit increased from £159.6 billion to £197.3 billion during the same period. Although the UK government plans to reduce its yearly deficit going forward every year until 2025, UK households are headed in the opposite direction. The household debt and GDP ratio is set to heat the peak as was the case before the financial crash.

The wage growth has grown by a mere 0.7% when adjusted for inflation minus bonuses over the same period. This growth figure clearly shows that UK consumers have turned to loans to buy essentials. Incredibly low interest rates have managed to keep mortgage loan costs down. However, this is a cause of concern since a small increase in interest rates may pose serious financial challenges to many borrowers given the current debt climate.

Borrowing on second mortgages and credit cards has increased drastically making things worse. Most UK households have increased their debt uptake twofold by getting into arrears on monthly bills such as council tax. Let’s take a close look at unsecured credit, car finance, mortgages, student debt and arrears.

Unsecured credit

UK consumer credit levels have increased by 19% since 2012. The consumer credit levels currently are the same as those experienced back in September 2010. Unsecured consumer debt was at 45% of the total household income in 2007. In the years following the economic recession, UK households were forced to deal with bad credit habits which resulted in a decline in borrowing and an increase in savings. Unsecured debt levels were at 35% of the total household income in 2012, but since then, UK households have failed to clear store and credit card bills. Charges on those cards have increased unsecured credit debt drastically. According to the Office of Budget Responsibility, unsecured household debt in the UK is set to hit 47% of the total household income by 2021. In the past year (July 2016 to July 2017), the debt has increased from £192bn to £201.5bn when adjusted for inflation (a 4.9% increase).

Car Finance

The latest statistics show that auto finance dealers issued more than £30 billion as new credit in 2016 alone. These types of loans have become increasingly popular because they are cheaper than regular car loans. Borrowers can also make lower monthly repayments. In fact, this type of car finance currently controls 86% of the new car finance market. Over a million cars are being bought in Britain using auto finance dealer loans. The main cause for concern is this form of lending isn’t highly regulated which poses serious risks in the future.

Mortgages

The Mortgage debt levels have increased by 2% since 2012. This household debt segment isn’t as marked as the others although there are concerns of borrower risks if the Bank of England raises rates in the near future. The UK government has done a lot to revive the mortgage industry such as giving subsidies to 1st time home buyers. Some critics argue that this has encouraged unhealthy borrowing, i.e., people who wouldn’t qualify for a mortgage normally getting easy access. Furthermore, over 40% of all mortgage borrowers in the UK today haven’t been forced to deal with an interest rate hike which makes repayment obligations harder triggering cutbacks on spending and foreclosures in worst case scenarios. Considering there is a looming Bank of England interest rate hike by the end of 2017, the mortgage industry is set for tough times ahead.

Student debt

Student debt levels in the UK have surpassed other forms of debt. Since 2012, the student debt levels have doubled to £100.5 billion. This is raising concerns on how UK students should be funded considering the recent hike in fees to £9,250 this year. Furthermore, the slow growth in wages coupled with increasing taxes is bound to make it hard for UK graduates to meet their student debt obligations.

Arrears

Utility bill arrears are usually an indication of financial distress. Council tax arrears in the UK have increased by 12% between 2012 and 2017. UK households have arrears on water bills, power bills and gas bills. A continuation of this trend could make it impossible for UK households to enjoy basic services.

International perspective

UK households are the 2nd most indebted among the G8 nations. The UK also has a large trade deficit and a government spending shortfall. This can only make the looming debt crisis worse if drastic action isn’t taken.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

Tips on Household Budget Planning

Tips on Household Budget Planning

Maintaining a household budget is very important. However, it takes more than a budget to manage your finances accordingly. Let’s face it! Most budgets don’t work. The reason behind this is simple. Most budgets concentrate on typical monthly spending ignoring other small but significant expenditures like daily coffee, weekly shopping, annual holiday, etc.

Here’s a great budgeting guide to help you manage every single penny, but first things first.

Why should you budget?

The main reason for budgeting is to ensure you don’t spend more than you earn. You need to determine the amount of money you can afford to spend every month to be able to move ahead financially. Budgeting also helps you find out where your money has been going which is the first step to adjusting your spending habits/priorities.

Typical budgets fail because they underestimate the real expenditure missing costs that have a significant effect. Using broad categories when preparing a budget makes it easy to miss those small expenditures that can add up to large amounts of money every year. For instance, most people usually indicate fuel and service costs when preparing car budget sections. Very few people remember to include insurance, breakdown, and new tyre costs.

Effective household budget planning

Step 1: Gather your latest payslips and find out how much you earn

To create a manageable household budget, you need to know how much you make first. Most people earn less than they think (after tax and other deductions) which creates avenues for overspending. To avoid this, take your payslips for the last three months and establish how much money is deposited into your bank account after all applicable deductions.

Step 2: Gather all your credit card and bank statements

Before you draw up your household budget, it’s also important to get your bank/credit card statements for the last three months. This statements list all direct debits, standing orders and many other expenditures giving you an accurate picture of your spending habits. This step will help you find out how much you spend on every category such as food. Don’t forget to consider every possible expense. You can follow the paper trail to find out your actual expenditure.

Step 3: Determine your income/expenditure patterns

Once you determine how much you make and how much you spend, it’s easy to determine the correct status of your finances. At this stage, it’s extremely important, to be honest with yourself. If you spend more than you earn, you need to take drastic measures to avoid getting into a debt spiral if you are not in one already.

Step 4: Start saving painlessly

If you are spending more than you earn, you need to start cutting back on unnecessary expenses to build your savings account. This should be done painlessly otherwise it won’t work. It’s not advisable to make drastic lifestyle changes. You can start by looking at possible savings on energy bills and credit cards and then move to other saving avenues like childcare. In simple terms, don’t focus on the obvious. There are many ways to save painlessly if you look carefully.

Step 5: Draft a new budget incorporating expected savings

The reason why most initial household budgets don’t serve people well is because they don’t highlight the real income and expenses. After going through step 1 to 3, this should no longer be a problem. Incorporate the new income, expenses and expected savings.

Cutting back

If you need to cut back on your spending, focus on starting small. You can also do less every month and consider selling things you don’t really need until you start living within your means. You should also focus on cutting back on things like magazines, chocolate, cigarettes, alcohol, movies, etc. that aren’t needs.

Important household budgeting facts/tips

1. Self-discipline is key: You can prepare the best budget in the world, however, if you don’t stick to it, you won’t get far.

2. Focus on affordability: To get back on track with your finances, you must focus on the most affordable way of doing something as opposed to the cheapest way. A cheap item can still be too expensive for you, so it’s important to focus on how much you have and then plan your spending around that.

3. Set up different accounts: To budget effectively, it’s important to categorise expenses. Ideally, you need different accounts for different expenses, i.e., a mortgage account, big purchases account, holiday account and a savings/emergency account to avoid missing expenses. Your main bank account should be separate from your bills account. However, pay attention to the charges and open accounts with minimal to no charges.

4. Set up standing orders: To make your budgeting process seamless, it’s important to have standing orders to feed your different accounts. Most people overspend when they see they have a lot of money in their main account when this isn’t the case in reality.

Household budget planning is easy when you have an accurate picture of your income and expenses. Some discipline is also important as well as a seamless/painless process. Luckily, you have all the information you need now to budget successfully going forward. Don’t forget to use budgeting tools/technology to your advantage.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

Smart Meters - Are They Worth the Hassle?

Smart Meters – Are They Worth the Hassle?

What is a smart meter?

Smart meters are electronic devices which track as well as record electricity consumption in customer’s homes. Electric utility companies in the UK have been replacing old meters (analog meters) which require manual reading with new high-tech smart meters. The meters capture electricity consumption information automatically and then transmit this information back to electric companies. Some of their most notable benefits of smart meters are; speed and accuracy. Smart meters eliminate the need to estimate monthly electricity bills. Furthermore, there is no need for the power company to send staff to conduct home visits to take meter readings. Smart meters are expected to save homeowners money as well as reduce carbon emissions. The UK government plans to roll out smart meters this year in a 4-million pilot project. But is it worth it?

Is it worth fitting a smart meter?

According to a Public Accounts Committee report on smart meters published recently, the £11.7 billion smart meter scheme will cost every household at least £350 to install yet the same report projects a household savings of £23 per year in reduced fuel costs. What’s more interesting is the savings is dependent on a number of factors such as changed behaviour since the meters are expected to offer useful information on reducing energy costs. Households which don’t use this information prudently may not enjoy any savings.

On the other hand, energy companies have guaranteed savings of approximately £9 billion per year from getting accurate meter readings. Consumer savings aren’t guaranteed by any means. According to many industry experts such as consumer policy expert, Zoe McLeod, UK households which have already taken steps to reduce energy consumption, i.e., households which have switched to energy efficient appliances won’t enjoy significant benefits.

It’s worth noting that similar poorly executed smart meter schemes introduced in countries like Australia and the Netherlands have been rejected because they proved to be a waste of money. In Australia for instance, the Australian Energy Regulator findings showing that Australian households would endure a £61 to £149 increase in their yearly bill between years 2011 and 2015 to cater for smart meter costs sparked public outrage.

A survey carried out by British Gas also paints a negative picture. Out of 700 customers who already have smart meters, 25% expressed concerns about effectiveness after using the meters for a year. Consumer groups have also expressed concerns about the smart meter scheme with some of them (consumer group like, ”WHICH”) calling for the scheme to be stopped.

Other concerns include privacy. The DECC (Department of Energy & Climate Change) can’t guarantee the privacy of UK households which install the meters. Under current plans, UK household energy data is pulsed electronically to utility companies on an hourly basis. There are privacy concerns if third parties have access to this information which highlights daily habits, shows when there is no one in a household, etc.

There are concerns that UK households may start receiving energy offers like those received in Japan after the implementation of a similar scheme. Will UK households be receiving offers from utility companies making use of their commercial data? such as offers to get more energy efficient appliances. What are the regulations regarding the use or sale of energy consumption data?

Also, will it be easy to switch suppliers? According to WHICH energy campaigner, Jenny Driscoll, there is evidence that households may find it difficult to switch energy suppliers after installing smart meters. This information has been acquired from the early smart meter roll-out phase. If such concerns have a basis, it will obviously be unacceptable to many.

Also, there is no mechanism currently for capping energy bills if the cost of the scheme spirals out of control. There should be protections in place according to the Public Accounts Committee to protect consumers since they are expected to shoulder the £11.7 billion smart meter installation cost. There is also need to make smart meter complaints public. Currently, all the public knows is that complaints are registered with Ofgem. No complaints data has been published yet.

Verdict

Although smart meters are set to offer advantages to electricity companies in the UK, electricity users and the environment, there are obvious shortfalls like cost. UK electricity consumers must make an expensive long-term commitment under the smart meter scheme. Public perception is also an issue. There are issues around privacy and restrictions. UK households with smart meters have already expressed issues on flexibility. Smart meter issues have also been kept a secret. Before all the current smart meter concerns are addressed, including policy issues and smart meter reading verification, it may not be a good idea to fit a smart meter in your home.

 

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

5 Important Tips to Keep You Safe From Fraud

5 Important Tips to Keep You Safe From Fraud

Cybercrime incidences have increased drastically over the past decade. According to the Financial Fraud Action UK, online fraud incidences have increased by 53% over the past year alone. The latest statics show that someone is scammed online, in the UK, every 15 seconds. Most of these cases are affecting credit and debit card users who divulge their personal/bank details online making it easier for scammers to use this information in cases of data breaches. Short term loan borrowers like payday loan borrowers have also been victims of online fraud in the UK since such loans are acquired online.

There are a few quick steps you can take to avoid being part of this shocking statistic. One, you must trust your gut feeling when selecting offers or submitting personal information online. If an offer seems dodgy or too good to be true, it probably is. Two, you should never open unsolicited emails. Lastly, keep your pin/s and passwords secret/safe. Never divulge pin/password information online. Here’s a more in-depth discussion avoiding fraudsters.

Create ”perfect” passwords

You can’t afford to use regular words or obvious number combinations as passwords today. Hackers can ”break” such passwords. You should never use obvious words as passwords, i.e. your middle name, children’s names, etc. as name passwords are the easiest to crack. The ”perfect” password today consists of; random words that are unrelated to your life. The password should also have many digits preferably six or more that are random but easy for you to remember. Stay away from birth dates. Your ”perfect” password should also include symbols such as $, #, %, etc. Ideally, the symbols should be inserted randomly between the numbers and letters/words that make up your password. Lastly, use both capital and small letters. A great example of a perfect password would be You1r7Kin9gSh88ip05$$!! You can use password testing tools to analyse the strength of your password.

Maintain unmatched social media safety/privacy

Social media has made it easy to acquire a person’s personal information without their consent. If you don’t set the appropriate security/privacy setting on all your social media accounts, you don’t have control over who views your personal information such as; your real names, date of birth, personal address, etc. which can be used to hack your online accounts. Don’t add people you don’t know to your social media profiles or disclose too much personal information on social media. Disclosing your pet’s name for instance can make your online accounts vulnerable if you have used your pet’s name as a security question.

Maintain unmatched email safety

Anyone can send you an email provided they know your email address. Considering emails are used to send viruses/malicious software, you should never open unsolicited emails as well as unknown attachments or click on links whose source can’t be verified. You should also be wary of emails sent from sources you assume to know, i.e., your bank. Many people have fallen for spear phishing in the UK where fraudsters send automated emails appearing to originate from people/institutions you know such as your bank/credit card company. If you open and click on links on such emails by mistake, change applicable passwords immediately. You should also pay attention to the email safety information your bank sends to you as well as familiarise yourself with the official email address of your bank/credit card company.

Invest in a good anti-virus software

You can save yourself from all the trouble of keeping up-to-date with the latest online scams by investing in the best anti-virus software you can get. A good anti-virus will offer you all kinds of protection online giving you a stress-free experience. Never use free anti-virus software if you use your computer to do online banking transactions among other online transactions involving sensitive personal information. Free anti-virus software offers basic protection which isn’t enough to detect and deal with threats effectively.

Don’t forget to protect your phone

You should also invest in a good Smartphone anti-virus. Smartphones have substituted personal computers and laptops. Many people make payments and submit sensitive personal information over their phones. To avoid exposing yourself to fraudsters, make sure you Smartphone has an anti-virus. You should also restrict the data/information you share with websites. It’s also advisable to disable features such as autofill and unsolicited notifications. You should also avoid performing sensitive transactions over your Smartphone. Lastly, make sure your phone has a strong password/passcode. Your personal information should not be at risk if you lose your phone.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

How Do Calendar Events Affect Our Spending

Our new infographic is here, and reveals some major home truths about the country’s spending! Do you ever feel pressure to overspend on big calendar events such as Mother’s/Father’s Day, Easter or Christmas? You might not be alone, with over half of Brits going over their intended budget! #OccasionalSpending

How Do Calendar Events Affect Our Spending
How Do Calendar Events Affect Our Spending

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.