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A round-up of this week's money and personal finance news.

In the news - this week’s top money stories

The news might have been la-la over an envelope mistake, but there’s no need to go hunting in the moonlight for your weekly dose of money news. So take a minute to catch-up on this week’s top personal finance stories.

1. Making the switch

Energy switching hit a record high in 2016, according to regulator Ofgem. Nearly eight million switches took place, potentially saving people more than £200 a year. 

2. Bad debt

An extra £55 million a month is being added to household debt because people are burying their heads in the sand, according to research by TSB. Nearly 600,000 Brits have at least one interest-bearing debt which they could be getting a better deal on. 

3. Good savings

The average over 55 year-old has nearly £50,000 in savings, double the UK average, according to SunLife’s annual Cash Happy report. Some have even more in the bank, with one in five in this age group boasting £100,000 or more in savings. 

4. High cost borrowing

Overdraft charges are ‘the elephant in the room’ when it comes to problem debt, according to a committee of MPs. A recent study by Which? revealed going into your overdraft could be more expensive than getting a payday loan. 

5. Contactless record

Shoppers spent a record £288 million with contactless payments in 2016, according to payment processor Worldpay. There were also 38 million payments made with smartphone apps. 

6. Don’t miss the deadline

It’s the thing you now only associate with annoying phone calls, but if you were mis-sold Payment Protection Insurance (PPI), you have until 29 August 2019 to make a claim. Banks have set aside more than £40 billion to cover the payouts. 

And finally…

What would you do if you found a £20 note on the floor? Well you might want to think twice about putting it in your pocket after a 23-year-old woman was charged with theft after finding money on the floor of a corner shop. 

 

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