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Apply Online | Secured Credit Cards for Consumers With Imperfect Credit

The best secured credit cards can be compared at www.securedcreditcardlist.com .  Responsible credit card use can lead to a lifetime of low-interest rate loan opportunities.  Notwithstanding a limited credit history, a damaged credit record or minimal income, credit card issuers often give consumers the valuable opportunity to receive credit and to start re-building a credit history through the use of a secured credit card.  This is an opportunity that should not be taken lightly, particularly in light of the widening credit crisis which has made it difficult for many working Americans with good credit records to receive new credit cards, auto loans and mortgages.  

Secured credit cards issued by Bank of America, Capital One and New Millenium are tailored for applicants with blemished credit histories.  Some of the features offered by these credit card issuers include:

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•           Credit Lines available from 0 to ,000

•           Set your own credit limit

•           Build or reestablish your credit

•           Buy what you’ve been dreaming of and pay no interest until May 2009 on purchases

•           Save with a low non-intro variable APR, currently 14.9%

•           Exclusive savings on featured deals

•           Know you are protected with fraud liability if your card is ever lost or stolen

During this period of economic instability, uncertainty in the stock market, illiquidity in the credit markets and the softening real estate market, one thing remains constant – consumers with imperfect credit records should be given an opportunity to re-build a credit history.  Responsibility is key.  If you can’t afford to buy it, you should consider saving until you can.  Credit cards are most beneficial when you can afford to pay your balance in full every month.  In these tough economic times, where credit is getting more difficult to come by, it is important to establish a strong credit profile by establishing credit early and maintaining a consistent payment history.  Credit cards issued by Bank of America, Capital One and New Millenium are tailored for applicants with less than perfect credit. 

Visit www.securedcreditcardlist.com  to apply online in a few short minutes.

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Tags: Apply, Cards, consumers, Credit, Imperfect, Online, Secured

More Consumers Are Looking for Credit Card Debt Solutions

With credit cards becoming more available, the number of people requiring debt solutions has also risen. Over the last decade or so debt solutions such as debt consolidation and debt settlement have become the preferred tools for reducing credit card debts, without have to face the humiliating consequences of credit card bankruptcy.

Most Americans are aware of the three popular debt solutions:debt consolidation, debt settlement and bankruptcy but these are still not fully understood. Sadly, many Americans have been imprudent in the past and declared bankruptcy without exploring available alternatives to declaring credit card bankruptcy. However, in the last two decades bankruptcy laws have changed and it is now not all that easy to declare bankruptcy to get out of debt.

Credit card debt has actually turned into an epidemic in the U.S. As a direct consequence, people finding it difficult to manage their debt are turning to professional help. It may surprise many butcredit counseling services can indeed provide debt solutions for getting out of debt in a short period, shorter than you otherwise would be able to.

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Debt consolidation is one of the more popular debt reduction solutions. The salient point of debt consolidations is that your debts as well as repayments are restructured. Multiple debts are combined into one with custom made payments. Companies providing debt consolidation services try to arrive at an understanding with the lender that works for the benefit of both: the lender as well as the debtor. A good credit counseling company may even negotiate a reduction in interest and extended payment periods. The amount of debt one owes remains the same but debt consolidation and the convenience of paying only one lender usually makes it easy for the consumer to pay off majority or all debt within the stipulated period. Those who are adequately motivated are able to resume the lifestyle they are accustomed.

On the other hand, a debt settlement company works towards reduction of your overall debt. A successful debt settlement may amount to as much as 50% reduction in total debt making it easier for the consumer to pay and get rid of debt.

The reality is that lenders are usually interested in finding a solution without having to hand over the debt to a recovery agent. They would rather arrive at a negotiated settlement and keep getting monthly payments even if it amounts to taking a bit of a loss or reduction in profit (reduced interest rate). A debt settlement professional usually has a preexisting relationship with most major lending companies and trained in the art of negotiating.

Now that you know what debt consolidation and debt settlement is all about, it may sound very easy but finding a good debt settlement company may not be that easy. With so many people searching for credit counseling services there is a risk of scams. If you are one of those who are in an unmanageable debt situation, it will do you good to be diligent while searching. Remember that you are already in a precarious financial position and a wrong step here can have disastrous consequences.

Tags: Card, consumers, Credit, Debt, Looking, More, Solutions

Bank versus consumers

A TIMELY report by the Consumer Rights Commission of Pakistan has focused on the asymmetries in consumer finance in Pakistan that are squeezing the general public. While banks reap record profits (in 2006 the pre-tax profits of all banks was a record Rs123.4bn), the benefits that have been passed on to customers have been inadequate. Most criticised has been the interest spread — generically, the difference between the rate at which a bank lends money to customers and the rate at which it pays depositors for their money — which has remained persistently and unjustifiably high. According to the CRCP report, the spread has ranged between approximately six and 10 per cent between 1990 and 2005, and in recent years has averaged over seven per cent. The banks justify the spread on the grounds that the cost of doing business in Pakistan is high and that their lending rates are reflective of the difficult economic environment here. Consumer rights advocates reject this argument, pointing to the record profitability of banks. At the very least, critics of the banking sector argue that banks have opaque cost structures and the high spread may be hiding inefficiencies within the sector that the consumer is being forced to pay for. The governor of the State Bank, Dr Shamshad Akhtar, has since early in her tenure tried to nudge banks into lowering their interest spreads and while they have come down in the past year, the feeling persists that the reduction has been too little and occurred too slowly.

Beyond the big issue of an unfair interest spread, the CRCP report highlighted the problems in the provision of the main consumer financing products, especially credit cards, car financing, personal loans and house financing. The banks do little to explain banking terms and conditions, resulting in customers signing up for loans and other products that they may not be able to afford. For example, the report highlighted the problem with variable markup loans — the majority of consumer loans — which become more expensive to service even as salaries lag behind inflation. Then there are the issues with hidden charges on credit cards and ATM machines that do not function adequately. Processing delays, unsolicited banking and unauthorised debits add to the woes of the consumer. Overall, the report gives the picture of an immensely profitable banking sector that has greatly enhanced the scope of products available to consumers, but has failed in providing services efficiently and with minimal fuss to customers. This is a regulatory failure that is in part caused by a timid State Bank keen to maintain a buoyant, attractive banking sector. However, the CRPC report is a reminder that the trade-off between the banks’ interests and the customers’ interests needs urgent readjustment.

Tags: Bank, consumers, versus