Staying financially safe in 2012: your guide

Property Buyer

Specialist Property Buyer

It seems like each year brings another financial woe to the table, constraining income and making it harder to avoid the possibility of debt. However, with a fair and balanced approach to your money, you can keep away from any difficulties that lesser planning could force you to face.

Firstly, cut down on any impulse spending. If you’re hungry, don’t go food shopping. If you’re off on a night out, or heading to a party, don’t go to a clothing store. These will usually lead you to buy there and then for things with little long term value. It may even be worth taking out your maximum spend in cash and leaving your cards at home.

Similarly, keep a budget spreadsheet and stick to it. You can measure out how much you can save, put towards bills and other things that you’re struggling with, and generally plan for a better financial future. The best bit is that you’ll be able to see how much you’re saving yourself for a good time. It’s not all bad if you plan properly!

However, if you’re really struggling to get out of serious debts and you have assets, it may be best to do away with them and downsize. For example, if you sell your house quickly through a specialist property buyer, you can pay off bills and move forward from there, renting until you feel confident enough to get back on the property ladder.

Obviously, throughout this process, it’s worth staying away from credit cards, especially for more menial purchases like food shopping. It will only serve to create a larger interest payment, should you not be able to get on top of the minimum bill. If you can, stick to debit cards for as much as possible and cut up credit cards if you can’t trust yourself to stay away from them.

Whatever your approach, it’s best to find what works for you. Remember that charities like Citizens Advice and Credit Action are on hand to help, should you need further guidance to match your personal circumstances.

Easy guide to credit card bad credit

Credit Card

Credit Card Bad Credit

Having a perfect credit history has becomes one of the prior preferences of credit card companies nowadays which has made them choosey about their clients. Bad credit is a stain on your credit record which makes it difficult for you to apply for any loans or even try for a standard credit card company. These credit card firms conduct a check on your credit record each time you submit an application for a new credit card. People like self employees, part time workers and those with low incomes usually get low score by these companies and thus are unable to access credit.

But the question is should people with low score or bad credit history should count them out of the list of getting a credit card? Here is the answer- for such people with credit card bad credit score, bad-credit credit cards come as a ray of hope. These cards are focused over people with poor score or bad credit record allowing them to project their ability to manage debt to the lenders. Using bad credit cards regularly and paying your debt in time can boost your rating for credit after every six months of time. These cards are also known as second chance credit cards are they offer you a second opportunity to get a fair deal on credits. Once your credit rating is rebuilt, you can easily apply for low interest rates mainstream credit cards and enjoy living and debt free life. Making payments regularly and choosing the correct bad credit card for you is a good decision towards a good credit record.

But nothing comes without any cost not even bad credit card. Bad credit or security-credit credit cards are sensible means of repairing a bad credit record and become eligible to apply for in a credit card company, but the interest rates of such cards are very high with only a few interest free schemes available. So it is advisable not to lend money over bad-credit credit card or pay the bill completely otherwise you will end up in a vicious circle of debts. There are a number of companies offering bad credit cards on comparatively low interest rates than others but do complete research before taking any. Make sure that the issuer of your bad credit card reports to any credit bureau so that the payments you make does count for something and soon you are able to re-establish your credit. Apart for this, taking loan for a bank is another way of clearing your debts but it is quiet time taking.

Bad credit cards are tailored especially for the people without an optimum credit to improve and build up their credit score. Not only this, when shopping online or making a huge payment, use of credit card is beneficial. So if you are one in those with credit card bad credit, make use of bad credit cards and take your credit history to an alley towards mainstream credit card.

Can you go on holiday if you have bad credit?

bad credit

Go on holiday with bad credit

Anyone who has had credit problems might be considering the use of bad credit credit cards in order to finance their holiday.

It is a fact that people generally do pay for holiday spending on a credit card for ease of booking and to enjoy the protection this gives them under the Consumer Credit Act.

Unfortunately, this trend means that someone not in a position to apply successfully for a traditional credit card might find themselves with a problem.

There is light at the end of the tunnel, however. Specialist providers that issue bad credit credit cards may be able to help.

These credit cards often have a lower limit than some cards and so may not be suitable for more expensive holidays, but they can, if used properly help to rebuild the user’s credit profile.

If someone is taking out a credit card solely to pay for the holiday and they make very sure that it is paid off as soon as they return, then this good use of credit may help improve their credit profile.

It is important, however, that the card is not used for additional spending that may not be cleared when the statement comes in, as the interest rates on these types of cards are exceptionally high in most cases.

With some careful planning, the costs of a holiday can be greatly reduced, which limits the chances of further debt arising.

There are lots of great deals available, such as stretching a planned long weekend by an additional day, which can often be free.

If the hotels you are planning to stay in offer free breakfast, then this can be a great money saver. Often, breakfasts are a buffet style and you can eat as much as you want. A filling breakfast may mean that you will not need to buy lunch.

If you are planning to go abroad, check exchange rates before making a final destination decision. The differences between currencies can be staggering and you may get a lot more local currency for your money in one country than in another.

Self-catering apartments can often make a holiday far cheaper overall than paying extra for included meals. Buying and cooking your own food can also give a fascinating insight into local culture that you may not get from a hotel.

If your credit rating being poor has resulted from previous problems with debts, then it might be worth seriously considering whether a foreign holiday is affordable. There are a number of ways of enjoying the holiday season without needing to travel.

Especially during the summer months, many newspapers and magazines offer money off vouchers to all sorts of different attractions. It could be that several family days out may be more affordable and just as much fun as going abroad.

If a holiday is definitely decided on, then there is no doubt that paying by credit card is the most convenient and safe way to spend.

A poor credit rating in the past does not have to mean the end of holiday plans if you have the funds available to go. It just means that holidaymakers may need to start planning earlier to make sure they have the right card for them.

Why does a good credit score matter?

credit cards

Credit Cards

Like your family, you can’t choose your credit score. However, that’s where the comparisons with mum and dad end, as there’s plenty you can do to improve, maintain and find out more about your score – meaning you’re more likely to be accepted for credit cards, loans, mortgages and more.

No matter what you do, you’re tied inseparably to your credit score – it follows you round and dictates what you can and can’t have, whether you’re applying for credit, taking out a mobile phone contract or even renting a home. For many lenders, it’s the bottom line when it comes to making a decision about whether to accept your application.

Finding out your score
Due to the current economic climate, chances are you’ve seen plenty of adverts from firms offering to let you know your credit score. If there’s a free trial on offer, it’s worth considering taking it up, especially if you’ve got little or no idea what your score is at present. Of course, it’s up to you whether you want to continue with a paid subscription once the trial has run out.

Improving your score
While knowledge is power, being aware of your score is only half the battle. If it’s proved to be a nasty shock, you’ll want to look at ways of improving your creditworthiness. This isn’t an exact science and opinions differ on the best ways to boost your score. However, some obvious steps are bound to have some effect. If you’ve recently moved home, get on the electoral roll at your new address as soon as possible – checking these details is usually one of the first steps of a credit check.

Making sure you pay on time with your existing credit agreements is key, as is keeping within your credit limit. Opening several accounts at once is also considered a bad move, as lenders could be concerned that you’re set for a borrowing binge.

Maintaining your score
If you’ve got a good credit rating, don’t be tempted to rest on your laurels – a few bad moves and things could change quite quickly. Maintaining a good score also means that you’re more likely to have access to the best rates and the best credit card rewards, meaning you’ll pay less for borrowing the money you need.

Ultimately, being aware of your credit score and how you can keep it in good shape should be a lifelong commitment – which, to return to our original point, means you should treat it like your wife or husband rather than a blood relative.


How to manage finances without getting into discords in UK?

It is a foregone conclusion now that money management is perhaps the most difficult of all tasks that one is likely to handle in their lifetime. In addition to this, it is true that financial discords are one of the major causes of broken marriages and blemished relationships. Not to disregard the fact that there are bound to be differences in the viewpoints of two people as far as finances are concerned and it may be very inconvenient to arrive at a consensus with financial matters. However, managing the finances jointly is one of the best ways in which to achieve success in a relationship. Therefore, instead of arguing endlessly over financial agreements or disagreements to be more precise, a better idea is to make use of the services of organizations like moneywise which offer personal financial advisory services to married couples and assists them in managing their financial portfolio.

In addition to this, it has been noted often that the common matters which results in frequent disagreements such as those related to mortgage, credit cards and various financial products and services which are important enough. Moneysupermarket is one such place where the couples can look for budgeted deals related to home insurance, car insurance, credit cards, savings, loans and the entire range of financial services that require comparison of prices. As a matter of fact, if the husband is a spendthrift, the wife can look for the services which are provided by moneysupermarket so that they are able to save money and get the best of services. Along with the resources already mentioned here, the consumers can try to look for other online financial resources such as moneynoesis, which can help the couples before they start with their financial planning and strategy building.

In other words, it will help them to get on with their financial matters in a smoother and effective manner without engaging in tough disagreements. As far as quotidian financial issues are concerned, the couples should try to arrange all their expenditures through a common account instead of blaming each other about the financial issues. If there is parity in the income of the married couple, it is more likely that they will try to distribute their income for obtaining better results. For instance, the husband can make payments for the mortgages by consulting the websites like moneysupermarket and the wife can pay the other utilities.

However, the best thing about managing finances within a family is to get the things in order by hiring a financial advisor from moneywise which will probably save the couple from many hassles which may be difficult to avoid otherwise. Easier said than done, but the couples are also expected to go through better experience if they are able to get better financial education through moneywise which will teach them to have better concepts regarding finances in general and help them to take things with the correct amount of determination. In short, a couple might be madly in love with each other but they should avoid getting mad on each other about bad financial decisions and instead do something which is more relevant for the overall financial health.