Low Interest Credit Cards

The mortgage and loan industry continues to suffer from adverse developments in both a local and global economies, and average UK homeowners and consumers seem to bearing the worst of the negative impact. The recession is making life difficult, and there are few positive signs on the horizon. But one sector of the lending industry, the market of bad credit loans, is providing some relief while it also enjoys renewed demand for its products and services. Thats because this often overlooked niche within the larger loan business is now picking up where traditional banks and lenders have fallen behind.

While most banks shrink away from any loans that appear the least bit risky such as those requested by anyone who has a low credit score or a damaged credit history bad credit lenders do just the opposite. They thrive on serving the demographic of consumers who have less than stellar credit, because the business model of the bad credit lender is designed to assume greater risk.

Read more…

For many years payment protection insurance was sold extensively by banks, credit card companies and other lenders. The principle behind the insurance was simple; it was designed to protect a customer taking out a loan or credit from financial hardship if they could not keep up repayments as a result of sickness, accident or redundancy. Many customers viewed it as a valuable form of protection and up to twenty million policies were sold. In 2005; however, public feeling began to change after the Citizen Advice Bureau launched a ‘super complaint’ regarding the cover.

The complaint criticised the cover heavily claiming it was often expensive, provided poor value for money and had been widely mis-sold. As a result, in the following year, the Financial Services Authority and the Office of Fair Trading conducted their own investigations into the payment protection market. Their investigations confirmed many issues with the way the cover was being sold. Sub

Read more…

Think colleges want to kick credit-card companies off their campuses? Think again. Institutions of higher learning are earning an awful lot of cash from Visa, Discover, MasterCard and the rest.

According to the DNI.com Web site, 18 colleges, student groups and alumni associations in Tennessee earned $1.8 million last year for allowing credit card companies to market college-themed cards to students and former students.

At the same time, the Web site APP.com reported that Rutger University in New Jersey earned $562,637 last year thanks to credit cards bearing the university’s name. APP.com also reported that 18 colleges and universities in the state earned a total of $1.24 million thanks to credit-card companies.

In other words, colleges are still raking in the big bucks from credit-card companies that market their products to their students.

Major Concerns

Consumer advocates, not to mention parents, have long worried over the cozy relationship that many colleges have with credit-card companies. C

Read more…

There are mixed opinions when it comes to paying a loan off early, but the good seems to outweigh the bad.

There are a few ways to pay off a loan before the length of a loan has run out. You can make larger monthly payments, pay a large lump sum, or make additional payments throughout a monthly period. Any of these tactics will work well, and the extra money you pay will help decrease the overall loan amount.

The question then becomes: How do these payment strategies work for different loan types?

Paying an Auto Loan Quickly

Most people make monthly auto loan payments. Attempting to pay an auto loan off before the end of the agreed terms, or completing an auto loan refinance in exchange for a shorter term, not only helps your credit score, but will save you money in the long run.

The interest that you pay on a monthly loan can add up. When you increase your monthly payments or pay off a loan in its entirety, that interest no longer accumulates.

Read more…

Q: After several attempt for credit cards and being denied, what is the best type of secured card? I have debit cards and do well but a credit card is needed for car rental. What do you suggest?

A: While it’s hard to say the best card for your personal situation (since everybody’s card use is different), the Capital One Secured MasterCard is a good option if you’re not planning on carrying a balance. From your question, it sounds like you aren’t. If you just want to use your card for things like car rentals and hotel rooms, this is a good card for you. It can also help you rebuild your credit, since it reports to the three credit bureaus. This is essential in a secured card if you want to raise your credit score.

The reason the Capital One Secured card is bad for those who don’t pay off their balances every month is because of the extremely high interest rate. The current rate is 22.9%, although it varies with the market rate. Those who

Read more…