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Bad Credit Debt Consolidation - What Are Your Options To Reduce Your Debt With Poor Credit?
To reduce your debt with a poor credit history, you have several
options. While none will solve your credit problems overnight,
they can help you get on better financial ground. A debt
consolidation loan can help you reduce your monthly...
Composite Credit Report Score simplifies Mortgage Issues
Do you want a mortgage loan for your new home? Trying to qualify for a new mortgage can be very tough, especially if you aren't aware of the effect your credit report score has on your ability to get approved for loans. One of the first things a...
How Credit Scoring Works
The all important credit score! It determines the amount of loan you can get, it determines the interest rate at which you are charged for a loan, etc. Your credit score plays an important figure in your financial life. So what goes into making that...
New Concepts In Credit Scoring
Did you ever think that applying for a car loan would require scoring well on a test that you've been taking for years but never really studied for? Scores are how creditors determine your creditworthiness and the likelihood that they are going to...
Secured vs. Unsecured Credit Cards - What's The Difference?
Many consumers have a bit of confusion when it comes to distinguishing a secured credit card from an unsecured credit card. They both carry a brand logo from one of the major credit card companies and they both can be used anywhere that major...
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Credit Card Minimum Payments Create Debt
A credit card minimum payment means that you can spend more and
pay as little back as the credit card issuer will allow you.
Sounds great in theory but it is a system that will turn out to
be your worse nightmare. If you stick to it before long you will
find that you have reached your limit, have nothing left to
spend and all the while your past purchases are totting up
interest charges. These sequence of events make your minimum
payments so high, that you can only afford to pay back the
interest charges and your debt remains the same, with no light
at the end of the tunnel as to how you are going to clear it.
This is where the credit card companies have gotten wise and by
reducing the minimum payment steadily from 10% on original
credit cards to the 2% that most now have set, they have seen a
way of making as much profit from you and I as possible. By
reducing the minimum payment to such a low level, they have
given the customer a false picture on how much they can spend on
their credit cards and how much they can really afford. With the
minimum payment now sitting at 2%, those who cannot clear their
credit cards in full each month, will now see interest charges
being added to interest charges, as their balance increases
month by month.
To
reduce your debt stop using your credit card
This is a position that many find themselves in and by noticing
it early on you could be saving yourself a lot of grief and a
good bit of money. If you are there at this point, then the best
thing that you can do is to stop using the credit card
altogether and start to look at ways to reduce your outstanding
debt. Even if you find that you have to cut back on other
expenditure, you should deal with a debt that is a drain to your
finances and by saving now on a few luxuries it will be to your
advantage. As you pay off you balance quicker you will save more
in interest charges.
Always remember that by paying minimum payments and minimum
payments only, you are playing a very dangerous game with your
hard earned cash. So why should you work many hours a week just
to feed the profits of a bank or credit card issuer, who will be
your friend until such a time you cannot afford to pay back the
cash that they let you borrow.
Take action today!
About the author:
Peter Kenny is a writer for creditcards-gb For additional
articles and an extensive resource for everything about credit
cards, please visit us at http://www.creditcards-gb.co.uk and
http://www.creditcards2go4.com
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| Federal Trade Commission - Consumer Credit Center |
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| AnnualCreditReport |
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| Springboard - Non-Profit Consumer Credit Management |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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| The Credit Card Prank |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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