Credit

The Economy and Personal Debt

24/06/2011
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The UK economy appears to have finally escaped the spectra of recession, but growth remains low.  The latest snapshot from the National Institute for GDP indicate a slowdown in month on month growth, which it said showed a “picture of continued weakness in the UK economy”.  Austerity cuts, increasing energy bills and higher fuel costs are all hitting the average UK homeowner hard. According to Credit Action, a national financial education charity, average household debt in the UK is £8,144 (excluding mortgages).  Taking into account households with some form of unsecured loan, this figure increases to £15,661. Credit Action figures also show that every day in the UK 1,392 people will be made redundant and 337 will be declared...

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Credit Card Defaults Hit New Low

20/06/2011
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Five out of six major credit card providers in the US have reported further reductions in credit card debt. Overall credit card debt stood at $785 billion at the end of March, according to the Federal Reserve. Figures for April show only Bank of America with increasing debt balances with approximately 1 in 12 in arrears. Best performing institution was Capital One with a default rate of 3.5%. This hardly reflects a strengthening of the consumer base since the financial meltdown of 2007/8. The explanation given by most analysts is that the reduction is due to the inability of customers with any payment problems in the past to get new cards. Nevertheless, there are ways that consumers can widen...

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Protecting Your Credit During and After a Divorce

18/06/2011
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A divorce will, most likely, affect every aspect of your life. Unfortunately, your finances are not excluded from this. While many people understand that the legal proceedings of a divorce can add up quickly, some neglect to consider the other financial complications that arise due to a divorce. If you are like most couples, you and your spouse probably combined all of your income, savings, and assets when you got married. Some couples choose to keep separate accounts in addition to these joint accounts, but most keep the majority of their funds in accounts that are accessible to both of them. This usually applies to credit card accounts as well. While there are certainly benefits to having these joint...

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New Limits On Credit Card Debt Spending

07/06/2011
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In this age of credit card debt relief nightmares, when so very many Americans find themselves in the position of begging lenders for debt settlement negotiation just to avoid bankruptcy, it seems a tad silly that anyone would spend time worrying over what they can’t buy through card accounts, but lending banks have increasingly decided to impose odd and arguably unfair restrictions upon consumer purchases.   While helping their clients through eventual debt relief by disallowing otherwise legal expenditures on gambling web sites or casino currency at least makes sense, the largest credit card debt companies are also have expanded the purchasing bans to cover such items as pornography and medical marijuana (currently legalized by more than a third of...

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Would New Federal Controls On Credit Card Debt Collection Help Consumers?

25/05/2011
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As a result of increasing public pressure for governmental support of debt relief measures (spearheaded by the ever more powerful advocacy groups tackling the basest tendencies of the credit card debt industry), commentators and pundits familiar with the goings on around Capitol Hill agree that our elected officials may soon have no choice but to bow to popular opinion and create a wholly separate branch of the Federal Trade Commission specifically designed to constrain the abusive practices of the burgeoning credit card debt collection market.  At the same time, however, the fairly explosive political landscape concerning interest bearing consumer debt loads raises very real fears that the implementation of any substantive changes may actually do more harm than good....

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How to Settle a Deficiency from a Car Repossession

17/05/2011
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Car Repossession

Consumers who are searching for credit card debt assistance often have problems with other types of loans as well, including car loans. The unfortunate part of this is that a car can be repossessed by the creditor when as little as one payment has been missed. Repossession laws vary from state to state, so if you are in this position, read the fine print of your car’s financial contract and do your best to avoid having your vehicle taken from you. Many lenders will be willing to work with you while allowing you to keep the car. However, if it has become apparent that you can no longer afford the car, but you still owe a balance on it,...

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Consolidating Your Credit Debts to Save Money

27/03/2011
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Consolidating your credit card debt is one of the best moves you can make to save money.  This is a crucial step in improving your credit score for the future and insuring you have enough money each month.  With the numerous advantages for all cardholders who take advantage of credit card debt consolidation, it is a wonder more people do not do it!  There are several reasons you should consolidate your debt. Why stick with damaged credit and debt you cannot handle when there are simple solutions to save you money today. The first thing you should do to consolidate your credit card debt is to completely stop using your credit cards.  While this seems like the most obvious...

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4 Ways to Get a Good Deal on a Credit Card

25/03/2011
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credit-card

Best Deal on a Credit Card It seems like a fact of life; the better your credit rating is, the better offers you’re going to get from credit card companies. But what if you’re not getting those great offers? What if your credit rating just isn’t good enough? It can take months or even years to fix your credit, so does that mean you are out of luck in the meantime? Absolutely not! If you want to get a good deal on a credit card, follow these 4 tips: 1. Ask your credit card company for a better rate Remember, credit card companies are in the business of making money. They want your business, because it means more profits...

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5 Rules of Credit Card Management

14/03/2011
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credit-cards

Most people have a love/hate relationship with credit cards. While handing over that little piece of plastic feels painless at the  time, once the harsh reality of minimum payments and skyrocketing interest rates begin to sink in, all fun and games come to a sliding halt. If you follow 5 simple rules of credit card management, you can maintain your credit rating and increase your FICO score while still reaping all the benefits of having a credit card. Your credit card management style will determine your credit score life and once you have this under control, life will be that much sweeter. 1. Do not apply for or use store credit cards. With a store card you are limited...

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How To Be Debt Free

08/03/2011
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The credit boom and subsequent credit crunch of the last decade has left many Americans with an overwhelming level of debt that they have no real means of ever paying back. And this will no doubt have been a contributory factor in the 20 per cent rise in personal bankruptcy filings witnessed during 2010. And if you are one of the millions of Americans with a seemingly insurmountable level of debt then there are a number of options open to you that could help to improve your financial situation. Live the frugal life This may seem obvious but if you curb your spending habits then you may see a rapid improvement in your financial circumstances. For example, if you...

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