It's the unluckiest day of the year! Harvey Jones outlines the 13 financial superstitions that have got him spooked
The superstitious among you won't need reminding that today is Friday the 13th. It's a spooky combination, because both Fridays and the number 13 are seen as unlucky.
There are 13 witches in a coven. Hindu legend says that if 13 people sit down to dinner, one will be dead within the year (that's hot curries for you). Charles Manson, Jack the Ripper and Bernard Madoff have 13 letters in their names (and Sir Fred Goodwin nearly does).
Friday has also been considered cursed, ever since the Bible. It was on a Friday that Eve tempted Adam with the apple. Christ was crucified on a Friday. And I've found that if you drink too much on a Friday, you will feel poorly next day.
Do you feel lucky?
I'm not superstitious about Friday the 13th, but I have plenty of superstitions about financial services. Here are 13 of them. Any could bring bad luck to you.
1. A single missed payment
A broken credit report brings six years of bad luck. If you miss a single mortgage, loan or credit card repayment, or even a mobile phone, utility bill or HP payment, you will have a black spot on your credit record for the next six years. In these superstitious times, bankers will consider you cursed, and all your credit applications will die a painful death.
2. The 2% catch!
With credit cards, two is an unlucky number. 2% is the typical minimum monthly repayment charge, and if that's all you repay each month, your debt may haunt you for eternity. If you repay 2% of an £1,800 credit card debt each month, you will take a wretched 40 years to clear the debt. The Government has mooted lifting the minimum repayment to lucky number five, cutting the length of time it would take to clear that debt to 10 years. Pay more if you can.
3. The cheque that makes your money vanish
If you sign your name on a credit card cheque, you will lose money. The average APR on a credit card cheque is a whopping 28.74%, and because it is treated like a cash withdrawal, you pay interest the moment you use it. The Government has now banned card issuers from sending out unsolicited credit card cheques, but banks can still issue them. Don't sign!
4. I hate 08
The numbers "08" spell financial bad luck if they appear in the following four-figure sequences: 0844, 0845, 0870 and 0871. Companies using these non-geographic numbers are free to set their own rates, which can be much higher than the national rate. To avert bad luck, find if there is a cheaper local rate by visiting website Saynoto0870.com.
5. Goodbye 0%
All good introductory credit card rates come to an end. That 0% APR on your balance transfer or new purchases won't last forever, so make sure you have cleared your debt or taken out a new 0% deal before it is over. Ignore the portents and you will be cursed by a sky-high APR.
6. A penniless retirement
At the end of a lifetime of saving is a pot of gold. I prophesise that the only way you will find gold at the end of your career rainbow is to start saving as soon as you can, either in a pension or Isa, or other vehicle. See also: He who does not save enough shall live only on pension credit.
7. The easy option
If a bank manager crosses your path, you will have bad luck. Too many people get all their banking, mortgage, insurance, Isas and other financial services from their local high street bank, even though they rarely offer the best deals. Shopping around should restore your fortunes. Put your faith in price comparison sites.
8. Devil in the detail
Eye of newt, and toe of frog, Wool of bat and tongue of dog... nobody knows what horrors lie beneath certain investment products, such as structured products and with-profits bonds. They completely lack transparency, and time and time again, unwary investors get sucked into financial hell. The devil's in the detail - beware!
9. The cards from hell
A fool and his store card are rarely parted. Only a fool would keep racking up debts at an APR of up to 30%. To ward off evil financial spirits, clear your store card debts and cut the card into a thousand pieces.
10. A credit exorcism!
A credit card repayment in time saves nine. It also saves you penalty charges, and keeps your credit report squeaky clean. The best way to avoid ill-luck is to exorcise your balance every month.
11. Head in the sand
A bank in need is a bank indeed. If you're struggling to repay your mortgage, or a credit card or personal loan, speak to your bank sooner rather than later. Most banks will do their best to help people in debt (and rightly so, since the banks caused these problems in the first place). Doomed is he who leaves it to the last moment. The following 10 omens are Warning signs of debt
12. The grass is not always greener
Any port in a financial storm. Your lender's standard variable rate may look wickedly expensive compared to 0.5% base rates, but unless you have plenty of spare equity, it is probably the best deal you can get right now.
13. Look after the pennies...
Find a penny, pick it up, put it in a tax-efficient long-term investment vehicle paying a market-leading rate, and all life long you will have luck. Although you might need a bit more than a penny.
lovemoney.com can help!
If all that has got you spooked, fear not, as there's plenty of ways lovemoney.com can help you keep your finances in rude health.
First of all, get out of the red and into the black by following the tips in this goal: Pay off credit card debts
Next, get up to speed on how to keep your credit rating looking ship shape by watching this video: The secret reason banks reject you for credit.
And finally, if you have any questions about how to keep on top of your finances, why not head over to Q&A and pick the brains of your fellow lovemoney.com readers?
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