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• Another house price drop for December
  

  The Nationwide Building Society has reported a drop in house prices for December, which is further evidence of the downward spiral in house prices across the UK according to experts. After a drop of 0.8% in November, house prices slid by a further 0.5% in December state Nationwide officials. However, on a year on year basis house prices for December were still up by 4.8% compared to December of last year.

  
  
• Lenders have positive outlook for 2008
  

  Despite the chaos that the credit crunch has already caused in the UK and other parts of the world, and despite the likelihood of the effects of this turmoil continuing well into next year, the Intermediary Mortgage Lenders Association has stated that the result of a survey show that its members are remaining positive with regards to the outlook for the forthcoming year. According to the results of the survey carried out by the IMLA member firms were positive about the coming year because of other factors that are underpinning the market such as housing demand and healthy employment figures. Over two thirds of members also said that they felt remortgaging levels would either remain unchanged or would rise.

  
  
• Record sum spent on credit and debit cards last year
  

  Credit and debit card spending increased to £91.5 billion, an increase of £4.9 million in the 3 months to last September as a growing number of borrowers used their cards to pay household expenses.

  
  
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• Banks cancelling credit cards belonging to 'good payers'
  

  John McFall, the chairman of the treasury select committee, has announced that banks may be cancelling the credit cards of good paying customers and giving them to riskier ones in a bid to boost profits.

  
  
• Festive credit card spending falls again
  

  Christmas credit card spending was down again for the second consecutive year, according to payments association, APACS.

  
  
• Credit card firms profit hugely due to missed payments
  

  With credit companies charging approximately £12 each time a consumer misses a payment, it is anticipated they have made roughly £61million.

  
  
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