The looming specter of further job cuts in 2009 have made Christmas 2008 anything but festive. The global recession that has touched the lives of every person in our world economy will undoubtedly be here for some time to come. As many of us scramble to balance our check book and keep within our budget this Christmas, the sense of impending ‘debt grief’ is surfacing.
Personal finance websites are reporting higher traffic as holidaymakers spend their online time searching for solutions to their financial woes. ‘Make money online’ websites will probably benefit the most in the short term. Many of us know the sickening feeling of using an ‘almost maxed’ credit card to enhance the festive cheer with no clue as to how we will repay this debt. From buying our children all the goodies this season, to surprising a loved one with an expensive gift, Christmas is really the time of giving but it would be equally nice to receive.
If your intention is to restructure your finances in the coming year, the best piece of advice is to save for special occasions like Christmas, birthdays and anniversaries. Do not be dependent on your credit card for that gift or an expensive dinner. These are luxuries and not essentials and should be carefully planned. Many of us claim to be unable to save. This lack of discipline often leaves us debt wracked by January and the uncertainty of the global economy in 2009 means that we may just become bad debtors. A bad credit history has a long term repercussion on your life and while it may be a bit too late to save for Christmas 2008, try to practice restraint in your spending habits.
We have become a society that expresses its emotions and masks the insecurities by material items. This is the season for family and friends. Love, peace and joy. Let us not forget that. Money and gifts are just the bonus and not the essential part of an enjoyable Christmas.
By: Gregory Crayne
Posts Tagged ‘Piece Of Advice’
‘Tis the Season For Credit Folly
December 25th, 2009Unsecured Credit Cards For People With Bad Credit – What You Should Do to Get That Necessary Finance
November 9th, 2009
Let me guess, you have bad credit and have tried numerous times to get a credit card, but are always declined. Unfortunately, credit card companies are now extremely choosy about who they will give credit to. I’m sure following each rejection you are told to apply for a secured credit card. However, a secured card is nothing more than a flashy name for a debit card. You will have to part with money before you can spend it!
The first option will always be to approach your own bank. You may of had a checking account with them for a number of years and therefore have built up some sort of a relationship. It will especially help if your salary is deposited directly into an account at your bank. You would hope that your own bank would be far more sympathetic to your plight!
What if you don’t hold a bank account or worse your credit history with your bank is poor? Your other option will be to seek a bad credit lender. Due to the current financial climate more of these types of lenders are beginning to surface. Often they will supply unsecured credit cards for people with bad credit.
Usually they will ask for some documentation from you to assess what your personal situation is like. You may be asked to provide your latest paychecks, bank statements and evidence of your other forms of credit. You can expect to be charged a slightly higher interest rate than someone with a good credit rating, but the difference should not be that noticeable.
Although these new lending companies will happily provide unsecured credit cards for people with bad credit, you should also be very aware of some unscrupulous lenders. There are organizations out there who will happily provide you with any form of finance, but will have outrageous terms and sky-high interest rates. The best piece of advice i can offer, always read the small print and know exactly what you’re getting into!
By: Sam Renstaff