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Have the resolve to be a Winner in 2009
Most people make resolutions out of habit or tradition, but nearly a third genuinely hope to change their behaviour. Sadly, however, over half falter in less than three months. With many resolutions for 2009 targeted at sorting out financial problems this is worrying.
A survey by Gocompare. com indicates that, of the 43 per cent of people now making New Year resolutions, most have pledged to sort out their finances and pay off their debts, including credit cards and personal loans.
Nearly half plan to reduce loan and credit-card costs; 42 per cent want to save money on outgoings; 41 per cent intend to invest in the stock market; 15 per cent plan to save more in a deposit account; and 10 per cent to invest in a pension.
It’s not surprising that sorting out financial problems is the top priority for many people, given the economic climate, but a very special effort will be needed this year to avoid being amongst the majority who fail to achieve their goals. The good news is that it is do-able so go for it and have A Very Happy New Year!
December 31, 2008 at 10:55 am | personal loan | No comment
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The top ten credit myths – and the truth behind them
1. Previous occupants of my address affect my credit rating – Nope, as long as you didn’t share a financial connection
2. Credit reference agencies help make lending decisions – Nope (and yep), they only hold your credit report but this info is used by lenders to help them make the decision
3. Past debts don’t count (some people do believe this) – Nope, they do, and some stay on your record for at least six years. Even a missed payment stays on for at least 3 years.
4. If you’ve never borrowed, you’ll get the best deals – Nope, lenders prefer to see that you can manage debt and make regular, full repayment of all your personal loans.
5. I could be on a credit blacklist – Nope, they don’t exist. Credit reports do not take account of race, religion, gender or where you live. But they obviously do indicate your creditworthiness but each case is individual and there is no blacklist.
6. Friends and family living at my home affect my credit rating – Nope, unless you share a financial connection with them
7. Repaying your credit cards in full depresses your credit score – Nope, quite the opposite. Late and missed payments do the damage.
8. It doesn’t matter how many credit accounts you have – Nope, it does. If it looks as if you’re trying to borrow a lot in a short period of time, lenders may think you’re desperate for money or even suspect fraud.
9. You only have one credit score – Nope , each lender uses a different system for judging your creditworthiness.
10. Items in your credit history stay on file forever – Nope, most information about your credit history is held for between three and six years.
December 30, 2008 at 3:08 pm | Loans General Info | No comment
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Pay-day loans – damned if you do, damned if you don’t
A pay-day loan does what it says; it lends you money till your next pay-day. A godsend you might think if you are in dire need. But interest charges can be crazy – an annual rate of up to 2000% is possible.
Of course these are short term loans so the annual rate does not really apply, unless of course you end up borrowing every month. According to the British Cheque Cashers Association, a typical pay-day loan is £88 for 28 days with a £12 charge. So you pay back £100 – an interest payment of 12%. That doesn’t sound unreasonable until you discover that it would amount to around 430% APR.
But there is another way of looking at pay-day loans. If you are running up an overdraft which would cost you £30 at the end of the month, paying £12 to borrow enough to avoid it seems like a good idea. The key to it all though is never to miss paying back the pay-day loan on time. Some can charge you a very high flat fee (up to 60% of your loan). Also, don’t get so reliant on these loans that you are taking one out every month. If you have got into this situation you would probably be better off with a personal loan or consolidation loan.
December 28, 2008 at 10:48 am | Bad Credit Loans, Debt Consolidation, personal loan | No comment
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Don’t resolve your debt problems with a high interest loan
Bringing together all your debts into a single consolidation loan can be the answer to affording your regular monthly repayments which over time have become unmanageable. But you need to take some care when choosing your consolidation loan provider.
In a difficult financial climate there is a growing number of organisations appearing in the media to offer solutions. Often the ones spending the most on advertising are the ones charging the highest interest rates. Although you do need to be sure you find a reputable provider, it is worth investing time into shopping around to find lesser-known lenders who may offer better rates. Smaller companies will have to work harder to find customers which is why they may have to set lower interest rates.
So remember, although you may have found yourself in financial difficulties, you are still a valuable customer.
December 27, 2008 at 12:48 pm | Debt Consolidation, personal loan | No comment
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Don’t care about saving, might start next year
According to research from Alliance and Leicester almost 14 million of us failed to save anything in 2008 and one in seven say they aren’t concerned about it.
Perhaps more surprisingly 31 million Britons (around 64% of respondents) did manage to put at least some money away during this very difficult year and one in five of these people said they had been shaken by the financial situation.
Ten percent of Britons plan to start saving for the first time in the new year to build some reserves against the future and cutting down on spending is the third most popular new year’s resolution – behind exercising and dieting.
Chances are that most incomes will go towards meeting existing commitments such as mortgage repayments, utility bills, personal loan payments and so on, leaving little to save.
December 25, 2008 at 10:30 pm | personal loan | No comment
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