Credit Care Plus

Would you like to purchase a home but think it is impossible because you have low credit scores and very little money saved for a down payment? So you've given up the dream of owning your own home, having to wait until your credit scores improve or until you have saved enough for a substantial down payment.

Here is the good news: 100% financing is no longer the privilege of those with perfect credit. In fact, there are specialty mortgage programs designed specifically for those who have imperfect credit. It is understood that good people all across this county may have bad credit because of a few unexpected expenses or events; and that these good people should not be denied the right to home ownership.

This means that having bad credit will not automatically prevent you from purchasing a home, and you will not have to turn over one single penny for the down payment. Imagine buying a home this month, when you thought it was impossible because of past credit issues.

So what are some the requirements for a 100% Bad Credit Mortgage?

1. A minimum middle credit score of 580

2. No more than one late rent or mortgage payments in the last 12 months

3. Sufficient income to easily pay your monthly credit payments and mortgage (your monthly debt must be less than 45-50% of your total monthly household income).

Meet the above requirements and you are eligible to apply for 100% financing.

Concerns

Do you have concerns about collections, liens or judgments that appear on your credit report? Well, lay your concerns to rest because they are not even factored in the evaluation of your application. Additionally any collections, liens or judgments may remain open, meaning they do not need to be paid off. So not only are you not penalized for your past financial difficulties, you do not even need to pay for them now.

Benefits

There is nothing like owning your own home. Along with the good feeling and pride that comes with home ownership, there are financial benefits as well.

Unlike renting, your monthly housing payments will go towards the building of equity. You can think of it as a savings program where you are paying yourself instead of paying a landlord.

Homes have appreciated steadily and according to the National Association of Realtors, the national median home price has risen every year since 1968, regardless of periods of recessions or declining sales. Depending on your specific situation, you may also benefit from the any appreciation in the value of your home.

Lastly, and perhaps most importantly, there are tax benefits that come with owning your own home. The interest that that is paid on a mortgage is usually fully deductible on both your federal and state income taxes. This tax deduction alone may make a difference of several thousand dollars each year on your tax returns.

So perhaps you have been turned down for a mortgage or believed you would never qualify. Or maybe the lack of a down payment has kept you from buying a home.

With today's specialty mortgage programs that allow those with a minimum credit score of 580 to qualify for 100% financing, the dream of home ownership is now put within your reach. So go out and seize the day, qualify for a loan and start looking for your new home.

Article Source: Ezinearticles.com

Listed below are some of the many reasons why you should choose a secured personal loan. A secured personal loan is often referred to as a homeowner loan. A secured personal loan is secured against your home to act as security to the lender for the money you have borrowed.

It is a low interest loan designed exclusively for homeowners. As a result of inflation and part repayment of mortgage most homeowners have a property which is worth far more than they owe on it. A Secured Personal Loan enables you to make use of this asset which will provide security for your loan.

Secured personal loans are an ideal solution for homeowners who have recently been refused a personal loan or for home owners wanting to borrow a larger loan amount. If you are a homeowner, then the secured personal loan is for you. A secured personal loan can sometimes be the best option if you are looking for lower rates of interest, longer repayment lengths and own your home.

Essentially, a secured personal loan is one that is secured against your property, which is why they are often also called homeowner loans. What this means is that, by taking out a secured personal loan, you are using your house to guarantee the loan repayments. Because the risk is lower for the lender than on an unsecured loan it is possible to get better interest rates than on a loan that is not secured on a property. This is also the reason that lenders are able to offer higher sums than for unsecured loans.

It is also easier for you to be approved for a secured personal loan because you are using your home as security against being able to make the monthly repayments. It is very likely that your loan is far smaller than the value of your home, so the loan provider will view it as less of a risk.

A secured personal loan can sometimes be a better option when taking out a loan due to the fact that the interest rates on the secured personal loan will tend to be much lower than for unsecured personal loans. This is due to the fact that you are putting up your property as collateral.

A secured personal loan gives you the option to pay back the loan borrowed over a longer period of time and at a lower interest rate. Secured personal loans also offer you the ability to increase your repayments or to repay a lump sum if your financial situation changes at any time. This can help to reduce the amount of time you will be paying off the loan, and of course the total amount of interest you pay back.

Taking out a secured personal loan gives you the opportunity to borrow money in order to increase the value of your home by making improvements.

You could also take out a secured personal loan in order to pay off a number of other smaller loans, credit or store card balances. You would then benefit by having to make a lesser monthly payment and the ease of having to make only one payment each month.

Secured personal loans can be used for a wide range of purchases or financial help, from home improvements, weddings, buying a new car to consolidating all your existing loans, credit and store cards.

There are several ways to raise cash, but a Secured Personal Loan has the following advantages:

offers a flexible and fast way of raising cash

loans are available for most purposes including debt consolidation

offers lower interest rates

there are usually no valuation or legal fees to pay

borrow any amount from £5,000 to £75,000

repayment period of between 5 – 25 years

It is important to bear in mind that your property is at risk if you fail to keep up the secured personal loan repayments.

Article Source: EzineArticles.com

When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.

With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.

If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.

If you have a credit score of 600 - 620, you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.

With a credit score of 620 or higher, you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.

If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.

Article Source: GoArticles.com

Should you accept credit card in your business transactions? Many small companies or home-based businesses avoid doing so because of their concern over fees and expenses that may drain away potential profits. Yet the actual cost of implementing credit card payment processing equipment, along with associated monthly and annual fees, may cost less than you think. The application process is easy, many banks are willing to work with small business owners, and exciting profits are possible, so what are you waiting for?

Learning how to accept credit card in your business processing is simple. First you will need to apply for a merchant services account. You can do this by browsing the Internet to find a bank, credit union, or other reputable lender show is willing to help you set up a credit card processing account. Then you will need to decide which equipment plan to go with. You can start small and work your way through increasingly complex layers of sophisticated technology as additional sales bring in extra profit for reinvestment. However, there are a few guidelines to keep in mind as you implement credit card processing strategies for your business.

To accept credit card in your business customers, you should first find a merchant services account provider, often a bank or other financial institution that can help you by underwriting the associated expenses for this type of project. Many lenders will let you apply over the Internet for a merchant services account, and you may receive a response within a day or two. Decide what type of processing will work best with your business. For on-site companies or home-based businesses, you could set up a credit card processor for basic credit payments when a person comes by to purchase your products or services. But if you travel to your customers to deliver goods, you may want to invest in a wireless credit processor that can go with you. Typically these items cost several hundred dollars, or you can lease them for a set monthly fee. Depending on your personal business needs, you may want to get a pager, an e-check and debit processor, or Website credit processing as your business expands into the e-commerce arena.

The next most important way to accept credit card in your business transactions is to set up a Website as an Internet marketing tool. Your merchant account will help you to do this at a pace that will match your company budget. The Website can provide information about your goods and services, price lists, FAQs, industry tips, and a host of other information that will attract customers from around the world. Providing credit card processing service at your site can increase your sales volume and impress customers who are looking for convenient shopping methods without the hassle of waiting for a store to open or a sales associate to offer assistance.

Move your business to the next level of sophistication by applying for a merchant services account so you can accept credit card in your business payments.

Article Source: GoArticles.com

Private families or organizations established many of the loan accounts as early as 1920. The following guidelines allow us to offer the Short Term Loan as a valuable resource for students who are in need, thereby complying with the intent of the donors as stated in the creation of the loan funds, while also maintaining the financial integrity and continued use of the funds. The short-term loan funds were the original source of financial aid before the federally funded programs were established.

A short term loan is a loan students borrow and repay in the same semester by a posted due date. Short term loan funds must be used only to pay for educational expenses at VSU, including additional expenses for certain majors. Short term loans should not be used to pay for personal bills such as utilities, car insurance, baby sitters, gasoline, VSU holds, etc. These loans may, however, be approved to pay the student's future term VSU Banner account charges before the future term begins, but must not be given as a cash advance on a student's future term financial aid prior to the first day of class of that term unless specifically approved by the Bursar.

Source: Valdosta.edu

Credit relationships in a social system form an intricate web which extends throughout the financing environment of the community. This affects almost everybody from consumers, loan companies to government. If you are being part of such a far reaching credit cycle, you will perhaps have to take a few lessons in one of the most basic loan – secured personal loans. If learning hasn't been your forte then hear this it is essentially very simple. Credit cycle especially the one relating to secured personal loans is essentially moulded keeping in mind the fact that loans should provide financial confidence.

Secured personal loans has three words ‘secured', ‘personal' and ‘loans'. Secured loans are loans which are given after placing a guarantee. Since secured loans commits an assurance against the loan claim there is a huge market of loan lenders who are providing for secured loans. Personal loans are loans taken by people for personal reasons. This might sound as a vague definition of personal loans. The reason is that personal loans are all purpose loans and impart a freedom that is unlikely in any other loan type. A secured personal loan would be a loan taken for any peculiar reason and is secured on your assets or home.

Secured personal loans are the most flexible loans ever. Also secured personal loans can boast of having the most competitive market. You can secure the best deal on a secured personal loan. The loan terms for personal secured loans are highly enthralling especially, if you see the interest rates, the repayment options and the repayment terms. However, there are some commandments to follow in relation to secured personal loans that can't be disregarded. No, no don't look into the Bible. It is all written right here. Let there be light.

First and foremost realize why are taking a secured personal loan. A secured personal loan taken to cover day to day operating expense is not very advisable. Secured personal loans should be taken for explicit reasons. Secured personal loans are usually taken for taken for car, home improvement, holidays or even for education. Usually the loan lender is not bothered about the reason for which you are taking the loan. Some people even take secured personal loans for things consolidation of credit card debts. Consolidation of loans undoubtedly constructive but you must learn to never again get into credit debts again. Taking secured personal loans should not be repeated especially for debt consolidation. It is highly suggestive of some serious discrepancies in your credit practices. Loans are supposed to help you with certain financial interruptions. They must not be a way of life.

Repayments options have to be studied carefully and understood before you apply for secured personal loans. Most people repay their secured personal loans before time and usually early repayments carry repayment penalties. Rate of interest very appropriately depends on the loan amount, repayment term and personal condition. Shop for the best interest rates online and ask questions. Ask specific questions for a secured personal loan. It will enable you to get the superlative deal for secured personal loans available. And with secured personal loan browsing can land you with the perfect deal that synchronizes with your financial conditions.

Secured personal loans usually invite minor consideration for credit status. Under no condition will you be denied a secured personal loan on this criterion. Adverse credit is accountable for county court judgments (C.C.J's), defaults and arrears late payments. Thus secured personal loans are highly very realistic for people who have failed to qualify for a loan from their local bank.

Aren't you just tired of reading about the positive characteristics of secured personal loans? One thing everyone know about being positive is it breed success. No matter what the case is. You can substantiate your financial goals with secured personal loan. If you know what your goals are then there is no way that secured personal loans will not provide with the financial assistance you need. Secured personal loans have forsaken the varied objections against loan borrowers to make that perfect loan actually possible.

Article Source: EzineArticles.com

Personal Loans for everybody:

Personal loans market is huge. It is so extensive and widespread that if you look closely you would find that it includes the needs of everybody who wants to access loans. Personal loans have a solution for everybody's needs and financial circumstances.

Many people don't know but ‘personal loans' is the generic term for all loan types. All loans fall under either one or the other personal loans category. Personal loans fundamentally are of two types – secured and unsecured loans.

Secured personal loans will like a security to be attached to them. The security usually is in the form of home but alternative collateral are also accepted. The loan amount with secured personal loans is usually more. You can borrow more at lower interest rates. The obvious drawback that everybody encounters is the loss of property if they fail to make repayments.

Unsecured loans do not require attaching any collateral. They are meant for everybody who cannot provide collateral, either by choice or compulsion. They take lesser time in being approved but are much favourable for lesser loan amounts. Everybody applying for unsecured personal loans will get comparatively higher interest rates. This is because no security is supplied for them.

Loan amount for personal loans:

Personal loans amount that can be approved extend from £5,000-£75,000. Everybody will be approved for have different amount. As secured personal loans, borrowers can get up to 125% of property value.

Loan term for personal loans:

Loan term will move from 3-25 years. Loan term for personal loans will depend on loan amount. For a lesser time span like six months, you should be looking for credit card as an alternative. Don't stretch your personal loans. This is so because you may be paying more in form of interest rates.

Interest rates for personal loans:

Interest rates for personal loans will not be same for everybody. Interest rates are subjective and will depend on your financial circumstances. Everybody should be looking for APR when shopping for interest rates for personal loans. APR is the annual percentage rate is the interest rate which takes account any additional fee. But with rising competition few lenders charge additional fee.

Everybody who applies for personal loans will be undergoing a credit check. Credit check will determine whether you have good or bad credit. Personal loans have an option for everybody who has bad credit. The interest rates will be higher with bad credit.

Everybody can find personal loans suitable for their purpose.

Banks, building societies, and various other loan lending societies offer personal loans to everybody. Think carefully before you settle on personal loans. Everybody has a choice here. And not just one choice – many choices! So why not look around and shop for rates so that you might find the rates that suit you.

Find the right personal loan lending agency is like the biggest task to be executed. Take your time. Don't go for personal loans lending agency only because it offers lower interest rates. Everybody should look in for terms and conditions also. Find about their policy in relation to redemption penalties. Usually everybody faces two months interest rates as redemption charges. With research you might find someone with better rates and terms in accordance to your disposition.

Personal loans site also have the option for insurance of monthly payments. Personal loans insurance is used to cover repayments during illness and unemployment. Everybody should know that it is an expensive option and they must think whether they really need it or not. Also think over do you need certain loan amount or not? Many people take loan amount more than they need and this is not a healthy step. There are personal loans for everybody; all you have to do is find it!

Article Source: EzineArticles.com

If you are a first time buyer you may wish to do a bit of checking before you just get a home loan. With a little bit of research, you may find out that you can save several thousands of dollars according to the mortgage loan you choose.
There are many different types of loans for you to choose from and you should not run out and choose the first company you come across. It’s also important that before you go about finding the home of your dreams, you need to know how much you can afford. It would be best, before you even step out the door to look at a home, to get pre-qualified for a loan. This will let you know just how much you can afford for a home and how much your mortgage payments would come up to. It would be a shame to find your dream home and then learn you can’t afford to own it.
You’ll also need to carefully examine the other expenses that may come up as part of the loan package – make sure you account for any hidden costs involved. You should also look at the difference between variable rate and fixed rate mortgages. A fixed rate will never change over the course of your loan while a variable rate will change as the interest rates change. Weigh your options carefully before signing on to a loan.
Source: EzineArticles.com

Whether you’re in the market for a new home or applying for a loan, before you start looking at neighborhoods, you need to look somewhere else -- at your credit score. A credit score can give you the information you need to negotiate loan terms and bring you one step closer to your dream purchase. The next time you’re contemplating a key purchase, start with your credit score -- it’s what lenders use to determine your credit worthiness.
Learn What Can Make or Break Your Credit
Here are a few tips to help ensure that your credit score gives you the credit you deserve:
Payment History -- Your payment history is a significant factor in determining your credit score. A history of late payments on current and past accounts is likely to have a negative impact on your score.
Amounts Owed -- What you owe counts significantly in the calculation of your credit score. Maintaining large balances on your credit cards may be a signal to lenders that you have accrued more debt than you can handle.
Length of Credit History -- A portion of your score is based on how long you’ve had established credit. In general, a longer credit history can help earn you a better standing with creditor grantors and lenders.
New Credit Requests -- Consider ways to manage new credit wisely. Applying for many different types of credit in a short period of time can take a toll on your score.
Credit Diversity -- Mix it up. Having a combination of account types including installment, revolving and mortgage is a good way to help diversify your credit.
Know Where You Stand
Knowing your credit history early can help you prepare for negotiations with lenders. For this reason, it’s a good idea to review your credit report regularly and monitor your credit score for any changes that may affect loan terms.
Score monitoring services such as Score Watch can put valuable information in the hands of consumers preparing for a major purchase. Available at Equifax.com, Score Watch continuously monitors your FICO score and Equifax Credit Report and notifies you when a score change impacts the interest rate you are likely to receive on a mortgage, auto or home equity loan.
Courtesy of ARA Content

Bad credit is getting loans – all kinds of loans". Lending institutions, banks and other financial constitutions are coming forward to provide loans for bad credit. There is a new rescue programme for people with bad credit - bad credit loans.
Millions are earmarked every year for bad credit. It is highly unlikely that you don’t suffer from bad credit. Bad credit have become easily accessible to people making it easier for people to sort out their money issues. Those who have been previously rejected have now bad credit loans to start off their financial plans.
The meaning of the term bad credit has changed leading to a new improved perspective of loans lenders towards people with bad credit. Therefore, bad credit loans have become more flexible, more consumer friendly and with innovative modifications.
You are liable to bad credit if you have made any previous faults with credit payment which amounts to arrears. Further bankruptcy, county court judgements, credit card debts or any other financial impairment leads to bad credit. Bad credit loans are offered to people by leading mortgage lenders.
If you are fresh to the concept of bad credit loans then perhaps you need to understand credit rankings. A minimum 500 credit score entails any kind of bad credit loan. Grades are provided by various loan lenders to differentiate between various loan borrowers.
A + credit score (580-620 or more) implies very few or no credit problems since last two years and no delayed mortgage payments.
A – credit score (560-580) few mortgage problem over two years and one or two thirty day late payments.
B credit score (550-560) implies a fall in the credit reports. This means a 10% down payment is required for any loan claim.
C credit score (535-550) lots of late repayments. Any late mortgage payment that is in the 60- or 90-day range. This also includes bankruptcy or foreclosure that had been discharged or settled in the last 12 months. A 15-20% down payment would be required for bad credit loan with this credit score.
D credit score (500-535) implies lots of missed payments. A bad credit loan claim with D credit score would require a 20% down payment.
Bad credit loans are forever providing financial aid to bad credit loan applications. But don’t jump on to the first bad credit loan advertisement where low APR, reduced interest rates are frequently flashed. Bad credit loans are furnished at higher rates as compared to other loan types. There is no escaping that in the context of bad credit loans.
Bad credit loans are provided as secured bad credit loans or unsecured bad credit loans. Unsecured bad credit loans cater to those residents who do not own a home or who can’t place their home as a guarantee. On the contrary, a secured bad credit loan is meant for homeowners or those people who can place their valuable assets as a security. Loan lenders have specialist products for every bad credit loan condition.
Higher rates for bad credit loan are unavoidable but with constant and careful research, you can get a bad credit loan at lesser interest rate. You can borrow up to £5,000 to £75,000 with a bad credit loans. Further some bad credit loans can permit you to take approximately 125% of your property. Bad credit loan can overcome financial impediment of any kind such that you can buy a new car, get married, go on a holiday, make home improvement, and also consolidate your debts.
Debt consolidation through bad credit loans can do wonders. It will not only bring down interest rates for all your debts but also initiate a debt free cycle. If honesty is the best policy, it is certainly true in relation to bad credit loans. If you are straightforward about your debt condition then perhaps you will be able to avail a good interest rate on bad credit loans. Also being aware of your rights with respect to loan borrowing will put you in a better condition while taking a bad credit loan.
It is a vicious circle. What bad credit loans? No. Bad credit. Bad credit can start circle of ongoing unpleasant circumstances if not tackled. Bad credit loans are provided but you don’t want bad credit to go a long way with you. Bad credit loan should not be made a habit but should solve temporary monetary stress. Buying a new home, or a car, starting a new business – do you think anyone can stop that? Certainly not bad credit loans.
Courtesy: EzineArticles.com

Home loans with bad credit may not seem possible to achieve. Many online financial agencies have services available that provide the options for home loans with bad credit. Pursuing a home loan with bad credit from one of these online agencies provides online applications, quick transactions, and many different programs or loan types to choose from. Getting a home loan with bad credit will only take a short time and is available to anyone.
The process of receiving a home loan with bad credit is much more promising now than in the past. Many financial organizations have websites that provide information and resources to potential home buyers or those interested in refinancing. With these online agencies, the online applications provided make it much more efficient and effortless for anyone seeking a loan to apply. The application asks certain personal and credit questions, in order to get the basic background of the individual. The information that is supplied is then used to find the most appropriate lender that will meet the needs of the borrowers seeking home loans with bad credit.
Receiving home loans with bad credit is usually difficult, if not impossible. With the many financial companies and mortgage providers online, however, the method is much simpler and takes relatively little time. The application process to obtain a home loan with bad credit, as previously explained, is a quick process that can be completed on the applicants own time. Approval or denial of the application is completed in a very quick manner, with results of the application processed in a matter of hours, if not minutes.
Pursuing home loans with bad credit is much more possible now, than in the past, with the availability of online mortgage and financial companies. While a home loan with bad credit is still somewhat difficult to achieve, these online sites have created many options and programs that cater to the needs of borrowers. The online applications and quick transactions make pursuing home loans with bad credit much quicker for working individuals, or those with limited time. Receiving a home loan with bad credit will provide many opportunities to borrowers with less than perfect past financial history. Source: Homeloans.christianet.com

After the initial euphoria of college acceptance passes, reality sets in: someone has to pay for it. When financial aid is not enough to cover the cost of college and the start date of school is nearing, more families are turning to alternative financing options.
Families should first consider funding options that do not need to be repaid, such as scholarships and grants. Once those have been exhausted, they may consider an education loan to cover their education expenses. The Federal Stafford Loan is the most common type of education loan for undergraduate and graduate borrowers. However, students are limited by what they can borrow.
One option to help bridge the financial aid gap is a Federal PLUS Loan. PLUS Loans are the lowest-cost way for parents to finance their child's education. Parents may use PLUS Loans to borrow money as needed, including to get money for tuition, room and board, books, supplies, even travel to cover the cost of attendance at their child's college of choice.
“Parents can borrow for college, but they cannot borrow to pay for their retirement,” says Martha Holler, spokesperson for Sallie Mae, the nation’s number one paying-for-college company. “Most families will qualify for PLUS Loans, and everyone gets the same low interest rate regardless of their credit history.”
PLUS Loans are not based on income or assets and do not require collateral. Moreover, parents can take up to 10 years to repay the loan using a wide variety of repayment options, including delaying repayment for up to five years while their child is in school or once their child leaves school. Sallie Mae offers free, no obligation credit decisions regarding PLUS loans when parents visit www.parentanswer.com or call (800) 891-1410.
Another last-minute financing option for students is a private education loan, such as a Sallie Mae Signature Student Loan. The Signature Student Loan is a private education loan for undergraduate, graduate and health profession students attending four-or-five-year schools at least half time. Interest rates and fees are based on credit history; the better the student's or co-signer's credit, the lower the interest rates and fees. Students and families can learn more about the Signature Student Loan and use Sallie Mae's online pre-approval feature to receive credit results by logging onto www.SallieMae.com/Signature.
Another option is to take advantage of the school’s monthly tuition payment plan. Most schools offer families the ability to make monthly tuition payments over the course of the school year, an interest-free alternative to a large, one-time payment due at bill time. For a small fee, families can reduce the amount they need to borrow to cover the cost of college. Students and their families should ask their campus bursar or financial aid office for more information.
“Finding last-minute money to pay for college is doable, and parents don’t have to take a second job or another mortgage on their home to accomplish it,” says Holler. Courtesy of ARA Content

It is interesting to note that what started off as a marketing gimmick has now become an almost permanent part of the credit card industry in America and today 0% APR credit cards can in fact play a significant role in helping a person reduce or get out of debt.
What Is A 0% APR Credit Card?
APR is the annual interest rate known in industry jargon as the Annual Percentage Rate. It is a reflection of the cost of credit. In the old days everybody paid a standard APR based on bank rates. It was usually about 18 per cent. The use of low APR came with the emergence of the monoline bank. These were banks that only issued credit cards and did not take any deposits or issue conventional loans. For their business model to work well large numbers were important for these breed of pioneering bankers and credit cards issuers so low APR teaser rates were successfully used to lure as many new card users as possible.
The gimmick seemed to have worked so well that today it is difficult to find a credit card company that does not offer some type of incentive APR during the first 6 months or one year. The more popular credit cards offer 0% APR for the first year.
Usefulness Of A 0% APR Credit Card In Reducing Debt
A 0% APR credit card can be extremely useful for somebody who wants to reduce their large credit card debt. For instance if you have a credit card debt that remains at about $10,000 and the APR is 20% then you will end up paying a whooping $2,000 in interest payments alone. With a 0% APR credit card the $2,000 could all go towards reducing that crippling debt. It is therefore clear that 0% APR credit cards can offer much needed financial breathing room for somebody in a serious credit card debt situation.
Consolidation Or Transfer Necessary To Benefit From 0% APR Credit Cards
Transferring a credit card debt or credit card debt consolidation are all-important first steps that will need to be taken before a person in deep credit card debt can enjoy the benefits of a 0% APR credit card. The objective here would be to have all the person’s outstanding debt payable to one credit card company and at a 0% APR rate.
The importance of 0% APR credit cards in helping an individual or business to get out of credit card debt cannot be understated.
Although many potential card users place a lot of importance in being able to obtain a 0% APR credit card, the truth of the matter is that it is only attractive and beneficial to two groups of people. Firstly persons able to settle their credit card balances on a month to month basis to whom the 0% APR rate means that their cost of maintaining a credit card is very minimal. Secondly those in debt also benefit because the 0% APR credit card greatly assists them in their efforts to reduce their debt. Courtesy: credit-card-surplus.com