Is it bad to have more than one credit card?

If you already have a credit card you will know the importance of staying organised with your repayments.

Before you get any Credit cards you should be aware of how they work.

In 2022, Uswitch data found that there were almost 59million credit cards which is nearly one for every person over 16. As we know not everyone does have a credit card so this must account for people to have more than one.

However, of those 59 million issued credit cards there were 34 million which had outstanding balances at the end of the month which came to a total of £34million of unpaid, borrowed money.

Why it could be a good idea

Having more than one credit card could improve your credit score as well as allow the score to grow at a faster rate as all credit is added together. This means lenders would favour you with a great score.

Those who are self-employed will often have a separate account for their business and their personal lives. So for those who are self-employed it might be beneficial to have more than one credit card in total.

The downsides

Having more than one credit card also adds to the amount you have to pay back each month too. Just like having one card, you have to pay in full and on time every month to avoid penalties like a bad credit score and interest so this will only double with two credit cards. Pay on time to avoid credit card late payments, if you find yourself in trouble then this is how you can get out of credit card fees.

Having an inactive card can reflect badly on your credit score and to lenders too so if you have more than one it is best to distribute the costs between them.

So, having more than one credit card could be a great idea if your goals are to a goo credit score to get a mortgage or loan. However, unless you know for definite that you will be able to sensibly and effectively use the account and pay multiple cards off on time then it will do you more harm than good.

Spending on experiences increases

As summer begins most people might have event, holidays and days out booked and planned and clearly the public have decided experiences are the priority this year.

Barclays data found that most people are planning to forego shopping days and buying new electronics for holidays, concerts and day out experiences.

UK consumers are expected to spend on average, £3322 per adult between June – September this year.

There has been a shift towards memorable experiences to enjoy this year including staycations and entertainment which are set to contribute £134 billion to the local economy.

Those going to Taylor Swifts concerts of her Eras Tour are predicted to be spending £848 each ticketholder.

Barclays survey found that spending on travel and entertainment has increased by 11.6% and 6.5% respectively.

Spending during the Euros

We know spending during Euros summers always increases with Brits taking to pubs and bars to watch the games with friends and family boosting the economy. This year there is an expected £2.75 billion to be spent by football fans on items including beer, pizza and TV’s

For pubs, they will be seeing a lot more love this summer should be happy with this financial boost. The British Beer & pubs association is expecting an extra 20m pints to be sold with an expected total sum of £94m.

Setting up a joint account can be a helpful way to manage money with a partner, roommate or anyone you might share bills and financial responsibilities with. It’s best to have all the information about how joint accounts work before beginning.

Equally as important is knowing all about your partner’s finances too so having a joint account never becomes a burden.

Make sure you have a mature conversation where you ask all the important questions.

With the recent news that inflation has fallen to 2% meeting the bank of England’s targets there was speculation of mortgage rates falling. However, the Bank of England has kept their base rate at 5.25% at their June review.

The next review will on the 1 August where there is still hope for a lower mortgage rate.

Have banks lowered their rates?

HSBC, NatWest and Barclays have all cut the costs of their fixed rate home loans for new deals this year.

NatWest have cut the cost of their fixed-rate by 0.17%.

Barclays has cut their rates by more than 0.25% and announced a series of reductions according to the BBC. For example, this means that a two-year fixed deal that was at 5.13% is now 4.88%

These are small cuts but predictions are set for these to continue in small steps at least until the Bank of England cut their base rate.

Households renewing this year

For those mortgage holders who signed their deals before 2021 when the base rate went up drastically, they could be is for a nasty renewal this year.

The BBC reports that around 400,000 mortgage holders will be having higher mortgages this year. Around one third of Mortgage holder are paying less than 3% on their mortgages, this will changes if they renew this year due to the much higher base rate.

A typical household’s mortgage payments are predicted to raise by 28% which is £180. However, for 400,000 households this could be a 50% rise.

If you have noticed bank fraud on your account, money being spent which you didn’t authorise or information you know has been stolen then it is important to act as quickly as you can.

Bank fraud is a common crime and there are lots of ways you can protect yourself and your accounts. 

When you notice fraud your first step will mostly likely be to panic so let’s get that out of the way to spring into the steps that will help you most.

The quicker you react the most likely it is to prevent any lasting damage, regain control of the accounts and be able to get your money back.

It’s festival season with Glastonbury beginning today with headline acts from Dua Lipa, SZA and Coldplay. With millions of people planning their festival weekends full of music, dancing and probably a lot of mud after paying for your tickets you might be hoping to keep the costs down once you arrive.

There are lots of ways you can keep to a budget whilst at the festival.

Having a joint bank account can be useful if you have shared bills and responsibilities with someone else. It will be easier to pay for rent, bills and more if you can both put the money into a shared account each month and set up direct debits. This way, you know the money will be paid on time and you can make sure you equally share the responsibilities.

Once you know how a joint account works make sure you have a conversation with your partner to ask all the necessary questions. This way the account will be easy to manage, you will both be on the same page and it won't cause any financial strain.

There are some things you should take into account before setting up a joint account.

During the pandemic the government spent unthinkable amounts of money on PPE, new schemes and more. 4 years on, we learn about the mass waste of time, products and public money.

PPE waste

A deal from April 2020 between the government and an NHS supplier based in Northamptonshire, Full Support healthcare has generated mass waste by the government. They agreed to around 2.02 billion items of PPE equipment, including masks, respirators, eye protection and aprons costing £1.78bn.

This was the largest order of PPE from a single supplier and accounted for 13% of the government’s total spend.

Clearly an over order as of the 2.02 billion items of PPE only 232 million have been dispatched to the NHS or other care settings. At least 1.57 billion items have never been used with 749 million items already having been burnt or destroyed with 825 million items being classified as excess with the potential of also being destroyed.

This is at least £1.4 billion worth of PPE not being used.

This is a waste of massive proportion with an additional £100m of public money being spent on destroying or storing this excess stock.

This deal has been labelled the most wasteful Government deal of the pandemic, the BBC reveal that the PPE supplier, Full Support had no idea of the waste of their stock and the government had never relayed this information to them.

Government error and corruption?

The department for work and pensions generated fraud and error savings of £500 million through retrospective review of universal credit claims. This amounts to at least £1.5 billion of fraud claims still being paid up to 2022.

It was reported that around £21 billion was lost to fraud in the pandemic up to 2023.

There were also suspicions on how the government was spending public money at the time. The New York Times reportedly analysed 1200 contracts worth almost $22billion and found that around half of these went to companies which are run by friends and associates of Conservative party politicians. It clearly helps to have a friend in government.

The party manifestos reveal little about how it will all be done, more funding into the NHS, less government waste, more defence funding and tax cuts are all mentioned across the manifestos but how can all this be true?

Questions rise about how their promises will be executed and what about our personal finances?

With the UK’s national debt levels higher than ever the interest of paying this back is just rising and keeping the borrowing levels down means getting the income from the UK economy and taxes instead.

Public services like the NHS are deeply suffering which is clear to everyone as the NHS has been a big part of all the manifestos. The waiting lists for appointment and treatments, the strikes from the staff and the lack of space are all reported problems that the parties promise to work on from July.

The conservatives have also promised an increase in funding for defence due to current world affairs and a promise to prepare the UK better.

With all of this spending how are they proposing tax cuts alongside these?

The Institute for Fiscal Studies have stated their prediction for tax increases in the next 5 years as these huge decisions make for incoming changes to the country. They critique the parties for not addressing these financial issues which will affect every household.

Are the parties staying silent until the election or just burying their head in the sand?

They will have to raise taxes to fund public services or let public services suffer further. Or will they borrow more money and see debt rise further?

We know first time buyers are fighting against the cost of living to try to get on to the property market and own their first home. This is causing the age of first time buyers to increase with the average age now being 33-34 across the UK.

Uswitch have recorded data surrounding first time buyers so we can stay up to date on trends and patterns in the housing market.

Are any of these surprising to you?

Each property will be ranked in bands from A-G dependent on their Energy proficiency certificate (EPC).

The higher a property’s EPC rating the more energy efficient it is and so will be provided cheaper energy bills. These properties will use less energy to perform the same task as a more inefficient home.

Lower EPC ratings means it takes a lot more energy to keep the house warm and well lit which will mean higher energy bills and higher carbon emissions.

The ONS report that around 26% of UK greenhouse gas emissions come from our homes.

British Gas have calculated the average gas and electricity bills…

For homes with low usage, usually around 1-2 occupants their average monthly bill would be £97.91.

For homes with high usage, those with 4-5 occupants, their average monthly bill would be £185.59.

Ways you can reduce your energy usage…

There are lots of ways you can do this and they may not save you much one by one but if you try to do as many as you can then this could make a significant difference in your monthly bills.

• TV usage is one of the highest wastes of energy in UK households, with an average of 22.5 hours of TV activity a week found by Uswitch.
• Deviate from the trends and don’t go for the biggest screen as smaller ones can help save energy.
• Use a laptop rather than a desktop and make sure you properly turn them off after use each time and don’t leave them plugged in.
• In the kitchen, a microwave is more energy efficient than an oven, you can’t use it for everything but when you can this could save you.
• A slow cooker is a super energy efficient way to cook instead of an oven too, the same for using an air fryer. Learn some recipes using these appliances as studies find that cooking with an air fryer instead of an electric oven could save you 84% of energy.
• Use a kettle instead of the hob to boil water and don’t overfill, only boil as much water as necessary.
• Washing your clothes on a 30 degree wash could save you on hot water each time and your clothes will still come out just as clean too.
• If you can reduce running the dishwasher by one time a week you could save £12 a year.
• Having a smart meter installed in your home can help you track and bring down your energy costs.

Over time and by using a combination of these simple tips and more you could bring your energy bill down each month.

If you want to have a mini break this summer without the stress and prices of flights then don’t forget the UK has some great places to visit too!

There are cities, countryside and beaches to see in the UK so there’s no need to try to organise a week where the whole family stresses about flight times, sun burn or what food the kids will eat.

Edinburgh

As the capital of Scotland this one of the most popular UK destinations and we understand why. With the history, views, mass of restaurants to choose from as well as lots of activities Edinburgh should be on your list.

It is easy to get to with a quick flight, or take the car and make it a road trip stopping off a long the way!

Whilst you’re there,

• Edinburgh castle
• Wander around old town
• See the views from Calton hill
• National museum of
• Day trip to the highlands

The Lake District

Why not take some time in the outdoors this summer and visit the lake district?

The national park in Cumbria offers, of course, large lakes for swimming and paddle boarding as well as quaint towns such as Ambleside and Kendal to stop by a café to have a cake. Lot of different walks where you can choose to go up a fell mountain or stick to the flat and equally beautiful paths.

This is a place or everyone with activities for all ages and groups, from historical sites, kayaking, climbing and so many more it will be hard to choose.

Choose a campsite or a cottage to stay in meaning the price range will suit everyone here.

Cornwall

If you wanted a beach getaway then England can supply too. Cornwall is at the bottom of the country and has some of the most beautiful beaches as well as more quaint British towns such as, Padstow where you can find some delicious fudge.

A popular destination for families and full of campsites or bed and breakfasts by the beach. Lots of people choose to go surfing here as well as crab fishing by the docks.

Even if the weather doesn’t co operate this will be a great adventure exploring what England can offer.

Bath

Another City that is overflowing with history and charm. Known for their Roman built baths, so you should spend a day at the Thermae Bath Spa offering the same natural hot spring water. Head up to the roof for 360 views of the city as well as indulge in some spa treatments.

The place Bridgerton is filmed, scenes from Les Misérables an episode of Sherlock and more, see if you can spot the locations.

Climb 212 steps to the top of the Abbey Tower for a view of the city and explore the heritage centre.

Bath can offer a city feels with the country side not so far away, with the cobbled streets and small tea shops as well as lots of restaurants and bars you can get the best of both worlds.