Archive for the ‘Credit Card Advice’ Category
Bad credit card: a credit card with high interest payments.
The best credit card debt consolidation really depends on your situation and there’s no universal best way. The most important thing to remember is to shop around and always read the small print. If you have more than one credit card already, consolidating your debt has several advantages:
One monthly payment instead of several
With several credit card payments going out every month, it can be hard to keep up. This makes missing payments more likely – an instant bashing to your credit rating. With only one payment going out, even if the interest rate on the consolidation credit card isn’t as low as you’d like, it is much easier to keep up with payments and improve your chances of getting a zero interest credit card in the (not too distant) future.
Zero interest credit card transfer
If you meet the credit card provider’s criteria, transferring your balance on a zero interest deal is a great way to pay off your credit card balance. There are lots of zero interest credit card offers for balance transfers. Zero interest applies to the transferred balance and usually lasts between 6 and 12 months. There was a time when credit card balance transfers were free to carry out, these days there’s usually a charge. The charge is worked out as a percentage of the balance. While it can feel like a hassle, transferring your balance each time the zero interest period runs out is a money saving way to pay off bad credit card debt.
NON credit card debt consolidation
It can be too tempting to use a credit card when trying to pay it off A credit card debt consolidation loan is not interest free, but with regular fixed payments, you know exactly when you’ll be debt free and you won’t be able to dip into it, so long as you close your credit card account and cut up your cards once the balances are paid.
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If you are stuck with a bad credit history and are finding the restrictions of not having a credit card a problem then a bad credit credit card could be the answer.
It is possible to have a bad credit rating for a number of reasons: missed payments on previous credit cards and loans, arrears in rent or mortgage payments, delayed payment on bills be it house hold or council tax, county court Judgements (CCJ’s) and bankruptcy. But some individuals find themselves with poor credit history simply from not ever using credit to purchasing products, being a student, on low income or new to the UK. If you are unsure of the reasons you are being denied a credit card, it may be advisable to apply for a copy of your credit report.
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