Bad Credit Credit Cards

Let’s imagine you have had a poor credit history – perhaps you have defaulted on loan or mortgage payments, have had county court judgments served against you or any other bad debts. These situations may not even be your fault – you may have lost your job, or your business may have collapsed. You will most likely find that you are incapable of getting a loan due to this history, and you will most likely be rejected if you apply for a credit card.  Banks and financial institutions have easy access to an individual’s credit history; in fact you can even check your own credit rating at Credit Expert. However you may still have the need for a credit card – these are useful products for many individuals wanting to purchase items that they want to pay off over a period of time. Anyway we all need some form of plastic in this modern world – to shop online, to pay in a shop, mail order and so on. All is not lost however, and there are companies that specialize in offering ‘bad credit credit cards’ – that is a credit card that is available to those with a poor credit history. There are a couple of disadvantages with the cards over a normal credit card – the APR is usually higher and the balance offered may be fairly low. But these are not major problems and beggars can’t be choosers! Plus you will rebuild your credit rating (as long as you keep up payments) and you can increase your balance limit as time goes on.

During hard financial times such as the present; people are tightening their belts as much as possible. For people that have a lot of debt – perhaps credit cards, personal loans, car repayments, furniture / TV etc payment plans – it can be especially difficult. All these different bills to be paid at all different time of the month, at all different interest rates. Hard to keep track of and suffocating in many ways, not to mention highly stressful. In these times it makes sense to look at getting one of the consolidation loans available out there. Effectively these are a larger loan to cover all your outstanding loans and debts. The lender gives you enough money to pay back all the other debts, and then you owe only to the lender. So all your payments are ‘consolidated’ into one monthly payment, the amount of which you know upfront. Usually in these cases, the APR interest rate you pay is significantly lower than most other loans and debts such as credit cards, so you also save significantly on your repayments.

So – to round up; if you have significant debts spread across a number of different products and lenders, think about getting a debt consolidation loan to reduce your payments and this will help you manage your outgoings as you will have only one monthly payment.

However if your debts are so bad that you can no longer pay, you may have to enter a debt management programme. This will be managed by a debt solutions company; and they will talk to your creditors and ensure that they come to a mutually agreeable situation regarding the partial or full repayment or your debts over a period of time. The debt company may well get your interest frozen on your debts, so that at least the debts will not increase.

Prepaid cards are another alternative to credit cards and debit cards. They are ideal for individuals who cannot get a credit card and they have all the features of a payment card, without the credit line. So you don’t actually borrow any money – the money is yours and you load the card up with funds though cash, wages or another card. Apart from that, prepaid cards can be used as any card; so you can shop online, withdraw cash at the cashpoint, use them to pay in a shop and so on. Compare prepaid cards here.

Always ensure that you get your foreign exchange at the best rate possible by shopping around. Whatever you need it for, whether for a small amount of travel money or for a large foreign purchase, shop around and find a reputable currency exchange with great exchange rates and no fees or commission.

Payday loans are a fairly new product on the market in the UK, though they have been popular in the states for some time. What are they? In short they are a quick turnaround short term cash loan, usually used in a period of emergency and when other quick avenues to cash (credit cards etc) are not available. Usually you can get £80-£1000 and if you provide the correct information and are employed, you can get the cash within 24 hours.

Everyone wants a quick and easy way to make money; and most individuals know that this does not really exist in reality. But there are certainly channels can be tested and can be fruitful if you are successful – like anything though, experience and analysis are usually required. Spread betting is one area where the canny investor can make money. You can trade on almost any product, though financial markets are particularly popular. Try a demo account or putting small amounts on only until you are confident and have a degree of success; and are ready to up your bids.

Another popular market that consumers are getting their teeth into is foreign exchange trading. Effectively this is making speculations on the foreign currency market movements and your gain or loss is decided on the level of change in a relationship between two currency pairs. Forex trading is something that you do not have to be a professional trader to attempt, though as with spread betting, it is advised that you try a demo account until you’re comfortable.

A third but lesser known outlet for prospective traders is CFD Trading – which stand for ‘Contracts for Difference’. It is a way of speculating on the outcome of a specific share price, and you gain or lose dependant on the outcome – that is, the ‘difference’ between the price at the start of the contract and when it ends. The actual contract is taken with a trading house and promises to pay the consumer if the share price moves the way he predicts, or the consumer must pay the house if it moves against his prediction.

If you are in the fortunate position of being able to afford a foreign property, especially with the pound so weak at this point, you many need to acquire a mortgage unless you have the full amount in cash. The best step to take is to find an overseas mortgages broker base din the UK but with links into the country you are buying. They will help you with all the paperwork, bureaucracy and money transfers as well as getting you a mortgage.

Looking for foreign exchange or foreign currency? The best thing to do is go to a specialist currency exchange that concentrate only on foreign money; and so can offer you the best rates of exchange.

When getting heading abroad for example, when you buy your foreign travel currency, be canny and shop around on the internet for the best rates. There are a number of companies that provide travel money at excellent exchange rates; far better than you will find on the high street, and also charge no fees or commission. You can also get home delivery – so don’t have to leave the house to collect.

Capital One are crdeit cards specialists and offer all sorts of cards for all kinds of different consumers. Those who want a low rate on APR interest. Those who want a card with a low balance transfer rate. Capital One even provide a card for those who have had a bad credit rating in the past but still have a requirement for a credit card.

There are a number of companies that are designed to help individuals who m are in financial difficulties. They usually offer debt management solutions and IVAs (Individual Voluntary Arrangements.) Ramsey Lomax is such a company and will also offer advice and consolidation loans in order to help individuals get out of debt.