FYT Weekly News 16th - September

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Tap and Go blamed for millenNial debt

Debt problems amongst young people are growing because it’s too easy to spend money using contactless and online payments, so says research by the Uni of West London.

1 in 10

..would consider going back to cash to curb their spending

64%

..said they overspend because of the

ease of payments

1 in 5

...adults under the age of 45 struggle

to control debt because of the ease of

tap and go.

"Since 2014, financial institutions have pushed consumers to adopt digital payments”

- Researcher, Dr Yehia Nawar 

According to a study by WorldPay, contactless makes it more likely for us to:

🤦‍♂️ Overspend

🤦‍♀️ Make impulse purchases

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Bedtime Browsing: the rise in night time spending

🌚 😴

Sleepless Brits are spending more than ever in the middle of the night according to John Lewis who reports:

23% 1 in 15

increase in nocturnal purchases are made between

spending over the last year midnight and 6 am

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Duvet covers and headphones make up the most popular early hours searches

According to Barclaycard research, the most common time to buy is:

10:18 pm

Many purchases are triggered by

TV shows ➡ ➡ ➡

💳 TOP TIPS TO CURB LATE NIGHT SPENDING 💳

• Delete card details from your browser

• Banish your phone from the bedroom and get an old school alarm clock

• Use shop block apps which deny you access to shopping sites between set times e.g. SelfControl

• Apply the 48 hour rule - See it, like it, wait 48 hours, still like it? THEN buy it..

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closed pawnbroker chain leaves customers in the dark

A&B Pawnbrokers (Albemarle & Bond) and Herbert Brown have ceased trading according to their websites.

All 116 stores have closed according to Owner Speedloan Finance, citing "significant losses". 

If your items are expired or due to expire, please note we will not take any action with your items until we speak to you"

⬇️ ⬇️ ⬇️ ⬇️ ⬇️ ⬇️

how do pawnbrokers work?

1. Customer "pledges" an item for period of time e.g. gold ring

2. Pawnbroker gives 50% to 60% of the item's value as a cash loan

3. Customer pays 7%- 8% interest pm

4. Pay back the loan and interest to get your item back

5. If customer can't repay loan at the end of the deal the pawnbroker sells the item and returns any surplus to the customer

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OTHER NEWS

Gold Loo stolen from Blenheim Palace

Police are hunting for an 18 carat gold working toilet stolen last Saturday night from Winston Churchill’s birthplace. Valued at £1.8m, it was part of an exhibition.

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£1000 BRAN FLAKE

A bran flake shaped like the island of Ireland has gone on sale on eBay for £1000 (€1126)