Scheduled to be introduced from July 1st, the change will mean families and individuals travelling across the continent this summer will spend less on using their mobile to access maps, email and social networking sites aboard.

The improved EU roaming regulation, which will also take into account calls, text messages and data use, could see phone bills reduced by as much as 75 per cent compared with prices from 2007.

Families travelling this summer could save as much as 200 euros while a typical businessman could save over 1,000 euros per year with the changes.

Commission vice president Neelie Kroes said: "By putting price caps on data we have created a roaming market for the smart phone generation.

"More than that, we have ended the rip-offs familiar to anyone who has used a mobile phone while travelling abroad. I am pleased that year after year the European Union is putting money back in the pockets of citizens."

Posted by Sarah Nyman

Ms Gallacher also called for greater transparency on costs, pricing and profits for customers.

Posted by Jack Ramsey

The new ‘Credit Cards – your rights, a consumer guide’ will be available in every Citizens Advice Bureau branch across the UK, providing clear information on consumer rights when using their cards.

Under current laws, credit card holders should benefit from a range of protection measures that shoppers using either cash or cheques miss out on.

The new guide will offer advice on your rights when purchasing something that is faulty, what to do when your card is used by a fraudster, the steps to take when facing financial difficulties and where best to go if you have any complaints regarding your service.

Craig Jones, spokesperson for The UK Cards Association said: “This sets out the full range of measures agreed by industry to better empower consumers when it comes to managing their finances.”

The publication of the new advice comes as part of a new series of industry measures designed to help consumers balance their personal finances more effectively.

Posted by Sarah Nyman

The findings come as part of the firm’s latest Moneymood survey, which shows that over one million UK households are struggling to pay bills in the current economic climate, compared with figures generated eight months ago - when the double dip recession began.

According to the report, there has also been a decline in the number of financially “stable” homes in the UK. This term refers to those households that have some money left over at the end of the month, once bills and any other outstanding debts have been paid.

The new figures estimate this grouping to now be at its lowest level since the Coalition Government came into office in 2010.

These new findings make for concerning read, reflecting a notable downward shift in household finances, despite initial numbers for 2012 suggesting an improvement was on the cards.

The Moneymood survey now estimates that as many as 3.3 million homes are in danger of sinking into debt, with a average monthly shortfall of £74.

According to the survey, the West Midlands recorded the highest average monthly shortfall, with an estimated £108 per month.

Posted by Jack Ramsey

Dubbed the PayPass Wallet service, credit card holders will be able to make purchases in store using their mobile handset or alternatively shop online using a special new app.

The new service had been introduced in a bid to cater to the growing market of Apple iPhone and Android system users eager to utilising their new found technology to enhance their shopping experience.

As Mastercard director Ed McLaughlin explained: "Consumers are looking to pay for goods when, how and where they choose."

The new system looks set to benefit retailers too, who can now offer even more flexible options to attract consumers to make purchases.

According to Mastercard, the new smartphone service is set to be made available in the US, UK, Australia and Canada later this year and, if successful, will then be introduced on a more widespread scale.

The credit card firm's new service comes hot on the heels of similar developments from the likes of Visa, as more firms look to utilising touch-screen technology.

Posted by Jack Ramsey

According to figures released by the consumer credit industry trade body today (May 9th), the first quarter of 2012 saw a gradual improvement in the level of demand.

Data provided by FLA members indicate that March saw a nine per cent increase in total consumer finance, compared with figures collected for the same period of 2011.

Credit cards, personal loans, second mortgages, car finance and store instalment credit all enjoyed a rise in demand over March and over the first quarter of 2012, compared with last year.

The credit card market enjoyed three per cent growth in the first quarter of 2012, with car finance enjoying the sharpest gain with an increase of 20 per cent.

Commenting on the figures, FLA head of consumer finance Fiona Hoyle said: "Many consumers continue to be cautious, reinforcing the need for the Government to make sure that their proposed changes to consumer credit regulation do not limit the supply of affordable, responsibly-provided credit."

Posted by Sarah Nyman

Clothes and shoes were among the most commonly purchased items, with DVDs, books and video games also popular among these tipsy consumers.

The findings came as part of a new poll commissioned by social media sharing website Have You Seen, which highlighted the concerning amount of reckless spending being undertaken by people across the country.

Credit cards could be particularly at risk in these splurges, with users able to make easy purchases with them. Have You Seen director Dan Pearce called for cash-strapped UK residents to take more care when purchasing online, noting that there were plenty of opportunities available for them to save money.

“Online shopping need not hurt your wallet. You can shop online while still earning money,” he told the Daily Mail.

“Shoppers can also benefit from the recommendations of others - which should help avoid any bad impulse buys before reaching the online tills.”

The warning comes as 02 announced the launch of a new contactless payment app, making it even easier for users to pay for goods.

Posted by Jack Ramsey

Previous, users were able to visit their local bank to pay off credit, but new rules mean that all banks must ensure any cash payments made at a banking branch not owned by the credit card provider art in the holders account within 48 hours.

Any firm failing to meet this deadline could face a fine from the Financial Services Authority (FSA).

The move means Tesco credit card holders will no longer be able to pay off their debt using cash, as the company does not operate a banking branch network and would therefore be unable to meet the deadline.

Speaking to thisismoney.co.uk, a Tesco Bank spokesperson said that while the change was likely to prove a hindrance in the short term, the company was dedicated to helping customers find a solution.

“We’ve received very few complaints and customers can contact us for help in arranging other payment methods - customers can continue to pay by direct debit, online, by phone, by post or by cheque at a branch,” they said.

Approximately 2.8 million people currently own a Tesco Credit Card with users benefitting from an extra clubcard point for every £4 spent.

Posted by Sarah Nyman

Retirement income specialist MGM Advantage found that 60 per cent of people aged 55 and over have received medical treatment for conditions which would make them eligible for an enhanced annuity - a policy which offers a higher annual retirement income.

However, 72 per cent of respondents did not know that they could qualify for a better retirement income due to their medical conditions.

Furthermore, over 60 per cent of over-55s revealed they had a condition, such as high blood pressure and high cholesterol, which could make them eligible for an enhanced annuity.

Andrew Tully, pensions technical director at MGM Advantage, said: "With such a high proportion of our retirement nation experiencing medical problems, it is of deep concern that many people remain unaware of enhanced annuities.

"As an industry, we need to work hard to ensure people are made aware of all of their options."

Posted by Sarah Nyman

The Office for National Statistics (ONS) has revealed that the economy shrunk by 0.2 per cent in the first quarter of the year and this follows on from the 0.3 per cent contraction recorded in the final three months of 2011.

It means that the economy is now around 0.2 per cent smaller than when chancellor George Osborne announced his spending review in October 2010.

Speaking at Prime Minister's Questions, David Cameron expressed his disappointment at the figures.

He said: "I don't seek to excuse them, I don't seek to try to explain them away. There is no complacency at all in this government in dealing with what is a very tough situation, which frankly has just got tougher."

Mr Cameron added that the government would continue to do all it could to help stimulate the economic recovery.

ONS figures showed that construction output decreased by three per cent during the quarter, while output of the production industries fell by 0.4 per cent.

Posted by Sarah Nyman

Scottish Widows has published new figures which shows that 74 per cent of UK adults do not have life insurance, critical illness or income protection and are therefore putting their family's finances at risk.

The fourth Scottish Widows Protection Report also shows that 52 per cent of households now rely on just one income, putting further potential strain on their financial situation.

Richard Jones, director of protection and annuities at Scottish Widows, expressed his concern that people are not protecting themselves in the event of unforeseen events. 

He said: "Many do not have the provisions in place to support their families for any substantial period and even after just a month could be left with no buffer.

"It is at times like this that families need to do all they can to protect themselves in the event the unexpected happens."

Posted by Sarah Nyman

British Airways American Express Credit Cards has published a survey which shows that nearly 40 million Brits are planning a getaway and will spend an average of £923 per person on flights, accommodation and spending money.

Despite 24 per cent of respondents expecting their trip to be more expensive than last year as travel costs continue to surge, nearly half are intending to go on vacation for at least a week.

Furthermore, of the 22 per cent who will purchase their holidays with their credit card, only three per cent will use loyalty points to pay for their trip and just two per cent will use reward points to access upgrades or extras.

Julie Hay, head of British Airways American Express Credit Cards at American Express, urged Brits to embrace rewards programmes in order to help keep down costs.

She said: "One simple way to do this is to use a travel rewards credit card for your everyday spending.

"This means that, come holiday booking time, you can look forward to a number of extras including companion vouchers, upgrades and discounts to make your holiday even more special and affordable."

Posted by Sarah Nyman

National Savings and Investments (NS&I) has published the results of a survey which shows that consumers who fret about their financial situation only set aside £53.47 a month, while those who concentrate on managing their money save £104.39.

This means that so-called planners are saving an additional £600 in savings a year as they take a firm grip of their finances.

In contrast, 41 per cent of those who agonise about their finances on an annual basis spend more time worrying about money than considering how to manage their available funds.

John Prout, NS&I's savings spokesperson, was concerned that the figures show that Britons are entering a "cycle of financial fret".

"Time is spent worrying instead of focusing on money management and finances suffer as a result, causing more stress," he said.

"By planning ahead and taking active steps, we can take more control of our money and work towards saving. So if you're getting money worries, take some time out to review the situation and take action."

Posted by Jack Ramsey