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Bad credit mortgage - Mortgage where bad credit history is rewarded
Before you could visit the lender for a mortgage deal on your
home, you were not very sure of the kind of deals that you could
clinch. The primary obstacle, as you felt, was your bad credit
history. To add to the fears, there were a few friends...
Cooperation Credit Repair
When you are trying to get out of debt, you will need cooperation from others as well as your self. If both of the sources are hard headed, I promise you your credit repair scheme will probably not work.
Debt is an everyday part of life and we...
Credit Repair Myths and Facts
There are no secrets to repairing your credit. Many shady credit repair agencies would love you to think the contrary. Negative items can be removed from your credit report and you can do it yourself. One does not need a credit repair...
Improve your credit score
What does "Credit Score" mean? A measure of credit risk
calculated from a credit report using a standardized formula.
Factors that can damage a credit score include late payments,
absence of credit references, and unfavorable credit card...
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This article is a concise, informative tell-all explaining what exactly a credit report is, and what that means to you. It will NOT inform you where to get a cheap, or free, credit report. Rather, this article will explain what types of credit...
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Credit Card Issuers to Restart Charging Annual Fee
It seems that the major UK credit card companies may be forced
to reintroduce an annual fee to claw back lost profits due to
bad debt.
This is according to a report "Precious Plastic 2006" issued by
the accountancy firm Price Waterhouse Coopers (PWC), whose
insolvency experts have conducted research into the consumer
credit market. Their data shows that many credit card lenders
have been hit by a combination of:
* An increased number of people entering into Individual Voluntary
Agreements (IVA's), whereby they can pay off an agreed sum
to avoid bankruptcy; *
Changes in the regulations affecting the credit industry; *
So-called "rate tarts", who can switch easily between different
credit card companies to finance their debt at a small cost.
People who have entered into an IVA owe an average of £ 60,000
in credit
card debts and other unsecured loans to 11 different
lenders. The scale of the IVA problem is large and growing, with
more and more individuals opting to pay off their debts at a
reduced rate, and at the same time, have them effectively frozen
by their lenders.
On top of this, the credit card companies have lost an estimated
£ 600 million to rate-tarts, because of low interest rate
inducements, to encourage card-owners to switch lenders. Indeed,
the Association for Payment Clearing Services (Apacs) has
estimated that in 2004, nearly 20% of borrowing was due to
credit transfers. That meant that rate-tarts were able to borrow
an estimated £ 21 billion - mostly at 0% interest.
Not many people will shed a tear for the credit card companies'
problems. However, these factors, argue PWC, make it seem very
likely that credit card lenders will be forced to re-introduce
an annual credit card fee.
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