Credit Cards For Less Than Perfect Credit

Credit card rates highest in two years, says MoneyExpert.com

April 17, 2009 – 9:11 am

New research by financial advice website MoneyExpert.com has revealed that credit card rates are at their highest since the beginning of the credit crunch .

Despite the base rate being cut by 4.75 per cent to its lowest level in the Bank of England’s 315-year history, credit card customers are paying 1.1 per cent more than they were two years ago.

The increase will generate an extra 712.8 million in income for credit card providers while debt currently stands at 64.8 billion, according to the website.

Sean Gardner, director of MoneyExpert.com, said: “Even when we started monitoring average credit card interest rates they were already around 16 per cent – so to see them continue to increase is testament to how much the card companies feel they can get away with.”

Those travelling abroad this Easter weekend might also be hit with credit card foreign usage charges of up to 2.99 per cent for every transaction depending on which provider they use. Read the full post

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Further Legislation to Cut Credit Card Interest Rates

April 15, 2009 – 7:06 pm

Ignoring threats by the banking industry that further legislation will hurt consumer credit, Senate Democrats moved to limit credit card interest rates and proposed additional restrictions on card issuers. Passing in committee by 12-11 votes, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 is even more comprehensive than the rules adopted by the Federal Reserve in December. In addition to prohibiting interest charges on late payments or for exceeding credit limits, the Act would also require card issuers to disclose how long it will take to pay off a balance if only the minimum monthly payment is made and that statements be mailed at least 21 days before the payment due date. The legislation includes protections specifically targeted towards consumers under 21 years of age and now moves to the full Senate – to be implemented within nine months of enactment.

The proposal also increases the borrowing authority of federal regulators, the FDIC and National Credit Union Administration to deal with potential bank failures.

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Heal your Credit Score with Poor Credit Auto Loan

April 13, 2009 – 3:51 am

New credit – Applying for too much new credit is one of the easiest ways for people to inadvertently harm their credit score.

Good credit score always assists an individual in borrowing an amount from the financial market for buying an automobile. But, what if an individual has poor credit score? Is he eligible to perform in the financial market and have his own automobile? If you are waiting for answer, then the answer is yes. And, means through which he can perform is poor credit auto loan.

Poor credit auto loans are available in two flavours, that is, secured and unsecured. The security in the secured poor credit auto loan is the collateral placed. On the other hand, in unsecured poor credit auto loan various documents and proofs act as security. The documents may relate to:

If you are sincerely interested in improving your FICO credit score, bankruptcy MUST be avoided! Bankruptcy is more negative than late payments or collection accounts. Read the full post

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Credit Card Charge Offs – What You Need To Know!

April 12, 2009 – 12:53 pm

The economic meltdown is affecting every industry in the country. Amongst the worst hit is the credit industry and people across the country are losing their jobs and are unable to make their payments. The impact of the economic turmoil is seen and felt in the credit card industry as the number of charge-offs reach unprecedented levels. In fact, the credit card charge off rate in the month of February represent an all-time high in Moody’s Credit Card Index’s twenty year history.

What are Credit Card Charge-Offs?
So, what are credit card charge-offs and why do you need to worry about them? Credit card companies charge-off accounts that have been late in their payments for over 6 months. Most people believe that the credit card charge-off is equivalent to canceling of the credit card balance. The

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Learn to Identify The Most Common Credit Card Scams

April 9, 2009 – 6:53 pm

You can be a newbie credit card user or you can be an old pro in the credit card game, you should still be aware of the various scams that can come your way. While there are plenty of trustworthy credit card companies, there are also those shady ones who want to take your money.

If you don’t have the slightest idea of how easily you can be duped by these con artists, you could lose several hundred dollars or more. Read about these vicious credit card scams and learn how to spot – and prevent – a potential rip-off.

Debt suspension scam

Suspension of debt is a service occasionally extended by banks as a means to “help” you stay current with your payments. This scam will require you to pay a predetermined fee every month, guaranteeing that no interest will ever accrue in case you can not pay your bills.

While this sounds too good to be true initially, the scheme really aims to fleece its victim. You’r

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