Eurozone Cresis Hits Business Confidence/ Debt Warning Over Store Cards

Dec. 20, 2011 - PRLog -- At the recent CBI Conference, 70pc of business leaders polled claimed that prospects have grown bleaker given the recent European crisis.

Nearly 60pc said they were likely to revise their business strategy and 38pc said they were changing their work force plans because of the gloomy prospects.

John Cridland, the CBI Director General said “Business confidence has been hit by the Eurozone crisis and fears of a second banking crisis next year. Business leaders believe that the government is right to stick to its deficit reduction strategy, but that this must go hand in hand with some fresh thinking and a more creative growth strategy”.

Confidence in the recovery has evaporated, and with it the hopes for many in the job market. The crisis in the Eurozone has contributed to that.

Until firms feel more secure, more bad news on jobs is inevitable.



Debt Warning over Store Cards

Millions of consumers face years of debts from “Dangerous Borrowing Rate” and hidden charges on store cards, Which? Money has warned.

The consumer group have found shoppers often face fees for not using their cards as well as for having their account that is in credit. Approximately 13 Million Britons hold store cards from some of the biggest retail chains including M&S, Argos and Debenhams. The cards have interest rates of up to 30% which is 60 times the bank of England’s base rate of .5%.

Tim Corfield, the Managing Director of Griffin & King commented that cards should be used very carefully. “You need to clear the balance in full each month or you will pay a lot more for the items than their original costs”.

http://www.griffinandking.co.uk/

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Griffin and King are a leading firm of Insolvency Practitioners within the West Midlands with offices covering Dorset, Hampshire, Shropshire and Mid Wales