If it feels that good, it's probably a scam

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 26 August 2016

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week, as the country was feeling good about its record medal haul in the Rio Olympics, suddenly consumer confidence appeared to be looking healthy too.

But behind the rose-tinted sunglasses, a bubble of household debt was competing in a new kind of race with rival, the house price bubble, to see which will burst first.

It’s neck and neck.

Household debt is at terrifying levels. If consumer spending is on the rise, it’s likely that credit cards are a driving force.

More than one in 10 households (1.6m) are in extreme debt, where 25% of monthly spending is servicing cards, loans and other debts - not including mortgages.

Wages are stagnant yet house prices appear to keep on rising. That cannot last.

We’re here to help. But the conclusion from This is Money’s consumer affairs gurus Rachel Rickard Straus and Lee Boyce is there’s not a lot individuals can do.

Best thing, at the very least, is to try to avoid the increasingly clever scams and rip-offs. There’s some horrific tricks and it's almost impossible to tell a deal from a con. We offer some tips on what to look out for.

Also, further proof emerges that George Osborne’s legacy as Chancellor is peppered with the wacky and unworkable, as his help-to-buy Isas are shown to be largely useless.

Mobile phone companies, energy companies and travel companies are as sneaky as ever.

First Utility charges one of its customers to STAY with First Utility.

Strange times.

Transcript

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0:00.0	This is Money, brought to you in partnership with NS&I, giving you 100% security for your savings.
0:15.7	Very warm welcome to This Is Money and Share Radio podcast in partnership with NS&I.
0:20.9	I'm Georgie Frost.
0:21.7	Joining me in the studio today is personal finance editor Rachel Rickard Strauss
0:25.8	and Consumer Affairs editor Lee Boyce to round up the week's top stories they've been covering
0:30.5	on their financial website of the year.
0:32.9	And with saving rates so low, we thought we'd look at ways of literally saving your money. From fraudsters,
0:38.6	scammers, unfair practices, dainty, tiny small print. Good T's and C's scumper the dreams of those
0:44.1	with help to buy Isis. It's a massive kick in the teeth for first-time buyers who have been
0:50.0	working towards saving up a deposit to a home. It's not like we don't want to save.
0:54.7	They're not reckless or feckless, and that they really, really want to be able to put some
0:58.9	money away.
1:00.2	So we look at cutting the cost of things like insurance as well, despite new rules coming
1:04.5	in next year forcing providers to let us know when they're hiking prices, well, this is
1:08.7	money, don't think that's fast enough.
1:10.4	So they have a host of tips for you.
1:12.5	And also we'll be looking at eight ruthless scams you need to watch out for the victims who got their money back, those that didn't and some unexpected effects.
1:20.6	If a fraudster gets hold of enough information and sets up an account in your name, they will then take out credit.
1:26.2	You are at risk of them running up debt in your name, they will then take out credit. You are at risk of them running up debt in your name.
1:29.4	Are we taking too much advantage of the new pension freedoms?
1:32.9	Lots of people didn't think it through. They thought about what they could potentially deal with the money.
1:37.9	Can we be blamed, really, is the housing crisis just drives prices further and further up?
	...

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