The six money horrors you'll want to avoid this spooky Halloween season

dailyrecord.co.uk:

Halloween is nearly here – and if you want to banish some nasty financial surprises that could be lurking, it’s worth making sure you know the pitfalls to avoid.Here are some common money horrors to watch out for, as well as tips on how you can avoid getting caught out:While juggling day-to-day tasks, it’s easy to let credit card repayment dates slip your mind.

Missing a payment can be harmful to your credit score though, which can also make it harder to access credit and be offered more favourable deals.To avoid getting caught out, it could be worth setting up automatic payments to clear at least the minimum amount every month, or – ideally – the full balance for those who can afford to.Remember also that only paying off the minimum each month can also be a money mistake, as you could end up paying much higher amounts in interest over the longer-term and take longer to clear the full balance.If you’ve set up payments to automatically pay the minimum each month, don’t forget to make additional payments to pay down your credit card balance, as and when you can afford it.Savings rates have surged in recent months, so if you haven’t checked what interest rate you’re getting for a while, now is a great time to do so.But higher savings rates could also mean that some people are pushed over their personal savings allowance limits.

The limit depends on which income tax band you’re in. Basic rate taxpayers, for example, can receive up to £1,000 in savings interest without paying tax on it.Chris Irwin, director of savings at Yorkshire Building Society, says: "With savings rates rising over the last 18 months, we may have a silent horror around the corner with the current personal savings allowance (PSA) limits no longer