Tag Archive for interest rates

Benefits Of Solid Credit

solid credit

Bankruptcy services are designed to help individuals under financial strain permanently ease that pressure. You can usually find bankruptcy services at reasonable, cost effective prices. In addition, bankruptcy services can usually be found locally and accessible to a large portion of the community.

Experts there are likely to recommend a number of suggestions that can enhance your ability to bounce back after a personal bankruptcy and enable you to resume a financial identity that is stronger than ever before. They may want to start off by making you realize the importance of maintaining good credit. Your name and social security number greatly influence your quality of life and the things that you are able to purchase on credit. Now there are those steadfast citizens who simply detest using credit. These people are usually very old-fashioned and may even refrain from having a bank account also. This can certainly make navigating in the 21st century very difficult but it is not impossible. For the majority of the population though, bank accounts and credit cards are like second nature since the time we are legally permitted to own them. Anything from small gas purchases on up to arguably one of the largest purchases that many Americans will ever make, a home, can be done using credit. Vehicles are leased and financed through credit. Read more

Predatory Financing

Predator is one that preys, destroys or devours, relating to, or practicing plunder, pillage or rapine, showing disposition to injure or exploit others for personal gain. Prey is one that is helpless or unable to resist attack.

Millions of credit card holders became innocent victims of credit card companies. Slick advertising lead applicants to believe they were applying and pre-approved for a zero or a low fixed interest loan but soon to learned that was not necessarily the case. They learned that Interest rates are set on a “risk based” interest level which is predetermined by the loan company. So, much to their surprise their account interest was not zero but some level above zero and subject to increase under certain circumstances. Those who questioned this change learned that provisions hidden in fine print in their application gave the company permission to adjust their interest rate based on their credit score again determined by the credit card company.

Predator financing became legal and lucrative when our legislators lifted the usury rate for credit card companies and giving them authority to add late fees for late payments, overdrawn accounts, non sufficient funds checks and even if the company learns that their debtor violated any of those sins with any other creditor. Lending agencies trade information with our national credit reporting agencies on a monthly basis leaving very little chance that they would not learn of any of these rules were violated with other creditors. Read more