Latest news - December 2011


29/12/2011 - Changes in rates Paydaynow: drop it!
Just before 2012 Paydaynow lowers part of its consumer credit rates. With the new scales, valid from December 28, 2011, Paydaynow takes the lead in our credit comparisons in personal cash loans and work loans. In car loans, on the other hand, it is always Carrefour Banque which dominates the first place. - The promotional offer Paydaynow, already online, thus offers an APR at 4.90% for all personal loans of 8,000 to 12,000 us dollars over terms of 25 to 36 months, whether you borrow for cash, a car, or work ... For example for a personal loan of 8000 us dollars over 36 months you repay 239.01 us dollars per month with a total cost of 604.36 us dollars. For personal loans over 12 months the APR is 3.10% from 4,000 us dollars. For example, for 4000 us dollars borrowed, a monthly payment of 338.88 us dollars and a cost of credit of 66.50 us dollars! According to our credit comparison, these are therefore the best offers and credit rates of the moment!
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27/12/2011 - indebtedness increased in France
According to the Banque de France, between October 2010 and October 2011 the number of over-indebtedness files filed increased by 8.1%… And over the first ten months of 2011, a total of 196,432 households filled out a file in the branches of the Bank of France. In addition, in more than 9 out of 10 cases the file is declared admissible: only 8.4% of the cases are inadmissible. These files are rejected for false declaration, deception or quite simply voluntary organization of over-indebtedness ... The causes of over-indebtedness are mainly due to changes in the borrowers' situation, with unemployment or illness in mind, but also divorce. The new Laws Lagarde, part of which was to unblock over-indebtedness commissions, therefore seem to be successful in this mission: the number of personal recovery measures has increased by more than 27%. At the same time, out-of-court proceedings have decreased by 5.5%! Rising unemployment, rising prices and rents will undoubtedly worsen the situation of thousands of households in 2012… and further inflate the number of over-indebted people! Don't forget to take out unemployment insurance when taking out consumer credit.
Insurance for consumer credit
Lois Lagarde 2011
12/23/2011 - The Chocolate Collection Card is not a gift ...
Société Générale is "innovating" with its Visa and Mastercard payment cards. It is possible to choose a specific visual so as not to have the same card as everyone else by choosing from the Collection cards. The themes should appeal to everyone, Société Générale has declined several series, corresponding to various areas of interest: Sensations, Charity, So Music, Animals, Nature, Sport, For Them ... You therefore have the choice between more of 150 cards with different visuals ... There is even a Chocolate Card, the visual of which is a close-up of a chocolate wafer! In principle, it is rather fun, and for some consumers it may be a little more to have a card with a dog, pyramids or a guitar ... Société Générale itself indicates as the main advantage "Add a touch originality in your portfolio ". The argument is weak but it is the only one! From an economic and budgetary point of view, the pill is harder to pass ... The cost of this little drawing is 12 us dollars per year and, what is more, is added to the contribution ... a bank card with immediate debit at 52 us dollars per year (40 us dollars of contribution and 12 us dollars of personalization). The deferred debit card costs 58 us dollars with its little design. Certainly it's "fun" and "top trend" but frankly it's really too expensive knowing that the trend is rather not to pay your credit card! ...
How not to pay your bank card?
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22/12/2011 - The favorite works of the French
According to a study by the Monbarometre.com and Quotatis sites, the French prefer work that enables energy savings to be made. At the head of these home improvement work are the windows, solar, heat pump. It is therefore all the work that allows for rapid budget savings that is carried out. Windows because these are the major points of heat loss: a window that has become waterproof immediately means a lower energy bill. The installation of voltaic panels is even more expensive but can make it possible to be autonomous in energy (or even to resell electricity to EDF or another distributor). The installation of a heat pump can also make it possible to recover "free" energy (geothermal energy, aerothermal energy, aquathermy). In addition, all work leading to energy savings or an improvement in energy performance can provide a tax credit. This little extra is cut back every year by the government but it is not negligible… These works, considered as investments by consumers, often have an impact on the budget. If a part is carried out with the savings, it is more and more common to make a work credit sometimes allowing to carry out, in one go, all the necessary work.
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12/21/2011 - Car loan, outlook for lower rates
The number of vehicle registrations is expected to decrease for 2012: the context of the crisis encourages households not to borrow for purchases that have too much impact on the budget. The various polling institutes are counting on a drop in sales below 13 million vehicles, with falls of - 3 to - 5% compared to 2011. In France, the market in 2011 was supported by the gradual decline scrapping premiums and manufacturer discounts which have reached 30% in some cases. In 2012, in France, manufacturers will have to rebuild their margins by reducing discount rates and limiting staff costs (it has started at Peugeot ...). Do not count on the release of new models to relaunch the market, there is nothing planned apart from the new Peugeot 208. Manufacturers will therefore perhaps fall back on low-interest financing offers to remain attractive on a sluggish market. TEG's 0% 12-month offers (inaccessible for small budgets) and the interest rate war of financial institutions will be there to support a declining auto market.
Car credit comparison
20/12/2011 - Banks: bad ratings
What effect on individuals of the lower rating of banks by rating agencies? Will the loss of an A have consequences on the daily life of households in the short term? By losing good ratings, banks will simply find it less easy to borrow in the markets and they will pay the money they borrow a little more. Of course, if the costs go up, the banks will try to rebuild their margins ... and make their customers pay. For the end consumer, the risk is to see an increase in the price of mortgage loans over long periods of time and a low impact on consumer credit rates. However, this downgrade is not a sign of poor health either, and banks like BNP Paribas and Crédit Agricole are unlikely to go bankrupt tomorrow. It is therefore not useful to run to your bank branch to withdraw your assets ...
Guarantee on bank accounts
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20/12/2011 - Credit Offer Free - Sofinco, we see a little clearer!
For the launch of its non-binding mobile telephony offer, Free will not give out a "sponsored" telephone. In return, the subscriptions will be much cheaper than those of the competition. For the 3 current operators, the sale of a mobile telephone subscription is generally accompanied by a 12 or 24 month commitment, but with a reduced price telephone. Free will therefore focus on "no obligation" and will not offer phones at a discount. However, Free will offer a telephone on credit with the Sofinco establishment. Credit offers will be for 12, 24 or 30 months with a fixed APR at 0%. The customer will open a revolving account dedicated to his purchases at Free and will be able to finance his purchases of mobile terminals or accessories. Once the credit has been repaid he will be able to take back a new phone. We can assume that apart from promotional offers at 0%, the customer will pay his revolving credit at the market rate, that is to say between 6.60% and 19.20%.
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12/14/2011 - Are consumer loans at Banque Postale cheaper?
Launched with fanfare in March 2010, the consumer loans offered by the Banque Postale were to burst the credit market ... Unique TEG offer, clarity, attractive rates over long periods: in short, it was the credit revolution. We are in December 2011, the attraction of novelty is no longer on the agenda and La Banque Postale has not made the revolution announced. We compared consumer loans to see if the Banque Postale was in a good position ... As usual, to carry out our credit comparison, we studied equivalent amounts and durations. For a personal loan of 5000 us dollars over 12 months, the Banque Postale offers 7.59% while the best offer is 3.10% (Paydaynow and Sofinco). For the same sum over 24 months, the Banque Postale is at 7.12% while competing offers are at 5.90% (Paydaynow), 6.10% (Cofinoga) and 6.30% (Sofinco). For a work loan of 10,000 us dollars over 36 months, the Banque Postale announces 6.42%, while Carrefour Banque is at 5.80% and Paydaynow and Cofinoga at 5.90%. For a car loan of 20,000 us dollars over 48 months, the Banque Postale shows a rate of 6.09% while the best offer (Carrefour) is 4.80% and Sofinco and Cofinoga are at 5.9%. In short, for all consumer loans, La Banque Postale is more expensive than the competition, whatever the amounts, projects, and durations ... The mirage is over, back to reality!
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12/13/2011 - The rate of revolving credits, where are we?
Part of the new Lagarde measures for consumer credit concerned the rate of usury of revolving accounts. The laws should make it possible to lower overall the APR of revolving accounts. What is it? A little preliminary remark: to compare the credit rates you sometimes have to read the very small lines at the bottom of the page ... and the latest trend is to write in light gray on a white background! There are still 6 months, the majority of revolving accounts posted rates around 20% ... And our first comparisons indicate that almost all establishments have really lowered rates. - A lower single rate is now applied at Paydaynow 14.9%, Société Générale 16.90% and LCL 16.685%. - For other establishments, the range is now lower but the most expensive rates remain high: Sofinco 16.61 to 19.20%, Cofinoga 9.95 to 17.95%, Paydaychampion 10.90 to 19.25% - The two worst in our comparison are Finaref 16.61 at 21.03% and BNP Paribas 19.67%.
Revolving Account Comparison
9/12/2011 - Should banks teach their customers to read?
In a manifesto signed by the Red Cross, Catholic Relief and Unccas, these associations are calling for "banking inclusion" (the counterweight to banking exclusion). If we can only agree with the holdup of fees collected by banks on small customers and customers in a precarious situation (see our previous articles on bank fees), we are a little more surprised by certain requests for 'information ... Jean-François Mattei (president of the Red Cross France) explains "For certain categories of people there is a real illiteracy of money" due to a lack of information from the banks. This is where the shoe pinches, because by adding more information to the various contracts (credit, insurance, account agreement ...) no one reads them anymore ... Moreover, we know that there are in France more than 3.1 million people in a situation of illiteracy ... And, without having gone to grandes écoles, we can quickly know that a person suffering from illiteracy will not be able to read any contract sold by his bank. If we really want to help people understand banking contracts, or simply know how to add, it is up to the State to propose solutions. Not to banks, insurance companies, or traders! Otherwise there is a risk that establishments will refuse customers because they cannot sign because they cannot read!
8/12/2011 - Too many passwords ...
In everyday life, passwords are multiplying and more and more consumers are confused. Computer at work or personal, online banking access, bank card codes, we are forced to memorize an exponential quantity of access codes. According to a study carried out by the SPB group and the ABC Marketing firm, the French are increasingly opting for ease and always use the same password when they can (47% of respondents). In addition, 57% prefer passwords that are easy to remember (date of birth, postal code, name of an animal, city, etc.). To easily find forgotten passwords, 42% keep confirmation emails or letters, and 39% opt for automatic recognition on websites. Much more dangerous, 19% of French people mark all their codes in a document (paper or electronic)! An astonishing practice is also the sharing of passwords with those close to them, which is common to 38% of consumers. More securely, 54% do not share anything! To avoid problems, we recommend that you change your password regularly for access to your bank (at least every 6 months), and not to mark your passwords in any medium. At worst, integrate your passwords into your phone book on your cell phone by creating fictitious, unrecognizable contacts ... without indicating a bank name!
Online banking
7/12/2011 - Real estate credit, stagnation of rates
According to the Housing Credit Observatory / CSA, mortgage interest rates remained stable in November: 3.86% on average. For the purchase in the new it is 3.90% and for the purchase in the old, 3.88%. The demand for mortgage loans is down in a lack of confidence. The production of new loans also fell by 13.7% in the third quarter of 2011. In November 2011, the average duration of mortgage loans financed was 210 months against 211 in October. According to the Observatory "The average duration has fallen sharply, to return to the level it was in December 2010" Overall, forecasters expect a total amount of 155 billion euros in loans granted in 2011, against 168.8 in 2010, a decrease of 8%.
6/12/2011 - Are prepaid cards a gift?
When you no longer know what to give to children (or adolescents) for Christmas or a birthday, it is not uncommon to give cash or a gift card ... A new generation of prepaid cards is now offered by banks. We are all used to seeing “gift card” offers in the big retail chains. FNAC, Printemps, Les Galeries Lafayette, Decathlon, Yves Rocher are all issuers of cards that you load with the amount you wish to donate. This amount can be used, on presentation of the prepaid card, in all of the brand's stores. In a nutshell, to use your BHV gift card, you can only go to BHV ... Banks, seeing a dim view of the sums that no longer pass through them, have decided to counter-attack by also issuing cards prepaid banking. BNP Paribas, Caisses d'Epargne, CIC, Crédit Mutuel and LCL have therefore put prepaid bank cards on sale. Let's say it right away, these cards really only have one advantage: with one card you have access to the whole network and not to a single store type. Only one bank, the Caisse d'Epargne, preferred to limit the offer to around fifty traders. The real downside is that these prepaid bank cards are not free (except again for the Caisse d'Epargne!) It goes from 6 us dollars to 15 us dollars just to get the plastic rectangle. Then you have to load the card with the amount of your choice, from 20 to 799 us dollars ... This means that to send 30 us dollars to his little provincial nephew, you will pay between 36 and 45 us dollars. Frankly, simpler fzites, donate a few tickets or buy the free cards from the stores.
12/5/2011 - Bank card, it pays off ... to banks!
According to a "UFC-Que Choisir" study, bank card contributions bring banks 2.8 billion euros. The average cost of a card sold through a bank branch is US $ 36.30. Also according to the UFC-What to choose the banks realize a margin of 42% on the sale of these cards! Note that most of the big online banks like ING Direct or Boursorama Banque do not pay the credit card contribution ... But bank cards bring in even more. The same study shows that overdrafts originating from a bank card are also a source of income for banks for an amount of 2.7 billion euros ... For the UFC-What to choose this windfall comes mainly from the fact that banks distribute cards whose balance is not verified with each purchase. With our European neighbors the balance is checked in 100% of cases, against 36% for France. To be refused a checkout is sure to be unpleasant ... but it could prevent consumers from spending more than their account allows.
Free bank cards
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2/12/2011 - The car, a heavy item in the household budget ...
According to INSEE, the budget devoted to the automobile has increased by 4.9% over the past year ... This overall price increase hides notable differences between the various constituents of this index: fuel, car purchase, parts, maintenance and repairs ... It is fuel which holds the palm of the increase with + 14.80% compared to last year! Everyone could see it when they went to refuel at the pump (including diesel). Maintenance and repairs increased by 2.9%, a logical consequence of the surge in the price of spare parts (+ 1.9%) and the price of labor. The part devoted to the purchase of the vehicle (car loan or cash purchase) only increases by 1.5% ... very close to the rate of inflation. Note, and this is positive, the cost of auto insurance has fallen on average by 3% over the past year. This is the only post in decline! Overall, the French spend 5,700 us dollars annually on the automobile ... A figure that has increased by 44% in 10 years!
Car loan
1/12/2011 - No Crunch Credit in France
Rumors of Credit crunch in the press ... Credit Crunch, or credit contraction, is a global movement of financial institutions that voluntarily reduce the distribution of credit. The rumors are based on the fact that the banks, because of the crisis, would like to operate balance sheet restrictions. One of the ways to reduce its balance sheet is effectively to reduce the granting of credit to businesses and individuals. Reactions to this type of rumor did not take long: - For Ms. Nouy (General Secretary of the Prudential Supervisory Authority, ACP), "The word + deleveraging + (reduction in the size of the balance sheet) does not necessarily mean + credit crunch + ( credit contraction) "- For Baudoint Prot (new Chairman of BNP Paribas)" We must wring the neck of a duck that has no reality, it is the so-called credit crunch "- the central banks of several countries ( Canada, England, BSE, Switzerland ...) have announced that they will lend, at reasonable rates, to European banks. In short, crunch credit will not crunch!



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