A leading high street bank has issued debt and credit card advice to help consumers manage their personal finance during the Christmas period - and beyond. The Co-operative Bank is offering consumers suggestions designed to help them avoid a festive financial hangover.

Short-term advice consists of not letting debt build up during the Christmas period - it won’t go away by simply forgetting about it. The Co-op also advises that consumers could benefit from checking out consolidation loans as a way of getting a better debt management deal. If consumers have problems in controlling their credit cards - hide them - that way there is no chance of adding to debts that may already exist.Long-term financial solutions are also important; the Co-op states that by working out a budget consumers can accurately assess their income and expenditure.

Sheila Macdonald, chief operating officer at the Co-operative Bank, said: “People often make resolutions at this time of year, and it is the perfect time to make some serious decisions about your financial future.”Taking simple steps, like transferring to a credit card provider that offers a cheaper borrowing rate than your existing provider will save you money if you don’t pay off your balance every month.”

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The RBI decided to hike the provisioning requirements for banks on home loans, leading to a hike in home loan interest rates. The Reserve Bank of India (RBI) announced its slack season credit policy recently. Every time the policy is about to be announced , the market participants - banks, financial institutions , including the borrowers - all look for the RBI’s direction of interest rates. The credit policy contains explicit as well as implicit measures to tackle the monetary situation of the economy. The policy tends to address the macro and micro aspects so as to maintain the growth momentum of the economy.
The RBI’s latest annual credit policy statement spelt bad news for home loan borrowers. In a major move, the central bank has decided to hike the provisioning requirements for banks on home loans. RBI has decided to increase the provisioning requirement from 0.4 percent to one percent on home loans as well as commercial real estate loans beyond Rs 20 lakhs. With this new requirement, banks have to keep aside Rs 100 for every Rs 10,000 given out as home loan. In another major development , the RBI has raised the risk weight and exposures to commercial real estate loans from the erstwhile limit of 125 percent to 150 percent. According to RBI, these moves have been taken as precautionary measures. The bank has initiated these measures as a precaution so as to prevent over exposures in one sector. Loans to real estate have grown by about 85 percent during the last nine months till January 2006. On a recent review of the flow of bank credit to the housing sector, particularly to land developers and builders, the RBI found that the majority of banks were not complying with the prescribed control mechanism for managing risks involved in such transactions. The RBI has been repeatedly cautioning banks that there was a need to curb excessively risky lending by strengthening the loan approval process.This has been pointed out by the RBI in its successive credit policy statements and the quarterly reviews of the credit policies. It has been underpinning the fact that the banks should control their aggressiveness in going ahead with credit to the real estate sector. Earlier, RBI had again advised that while appraising loan proposals involving real estate, banks should ensure that the borrowers should have obtained prior permission from the government and other statutory authorities for the project, wherever required. To ensure the loan approval process is not hampered on account of this, while the proposals could be sanctioned in normal course, the disbursements should be made only after the borrower has obtained requisite clearances from the government authorities. The RBI has resisted the move to go in for an across the board increase in interest rates. It was in a dilemma because raising interest rates would have slowed the growth momentum and keeping them unchanged would fuel inflation and unbridled credit expansion . The RBI has sought to control the credit flow by marking up the provisioning norms for banks lending to capital market related activities and property development and purchase. Banks have now been asked to keep aside Re 1 every time they lend Rs 100, increasing the cost of financing these segments. The move as expected led to an increase in the interest rates on home loans. These measures may lead to a hardening of the interest rates in the housing loan market and banks would need to set aside additional capital to meet the new and increased requirement .