Friday 28 December 2012

Unsecured Personal Loans For Bad Credit: Maximizing The Benefits


Unsecured bad credit loans are not free money

Loans for bad credit are certainly not known for bringing consumers a ton of value. The loans are unsecured but it doesn’t mean it is cheap and you don’t have to pay them back. They typically carry high interest rates and associated fees. The repayment terms can be rough and the consumers who use these loans are generally not great at making timely payments. But let’s face it, getting an unsecured personal loan for an urgent expense can bring a tremendous amount of relief, regardless of the terms they feature.

When you no longer qualify for conventional loans, however, this is a definite sign that it is time to change your attitude about your finances and how you manage them. Unsecured loans are actually phenomenal practice for this process. In fact, the often outrageous terms that these loans usually carry are great training for consumers who want to whip their spending habits back in line. This money should be used for a designated and necessary expense, secured under the best possible terms and repaid as quickly as humanly possible. Check this link http://www.payday-loansuk.org.uk if you want to find a reputable short term loans provider.

Watch out for filthy casino carpets and deceptive loan terms

As with all things related to money, however, it is important for consumers to realize that there are a lot of things going on when they receive an unsecured personal loan for any reason. When you think about it, every casino that you will ever enter has a vibrant and obnoxiously patterned carpet. In reality, casino carpets tend to be so busily patterned, because casino owners want to keep the focus of gamblers straight ahead; on the slot machines and tables. This subtle form of persuasion is not unlike the ease with which notoriously bad spenders are handed cash money with little up front hassle. Most lenders who offer loans for bad credit profit the most from their repeat customers and loan extensions and thus, their goal is to keep your focus straight ahead; on the benefits of getting fast cash, rather than the more long term commitment that the borrower will be making. In lending, as in gambling, keeping your eye trained only on the prize is a great way to lose out on a lot of money.

New Fees Abound With New Credit Card Rules

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In the past, consumers could ask for and get a year-end itemization of purchases made on credit cards for free. That probably won’t be true in the future now that the Credit CARD Act is effective. Credit card issuers are busy adding new fees for almost any kind of activity on the credit card accounts you now hold and on new accounts.

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For example, there will be a fee for getting a year-end charge listing and a fee for paper statements. There will be a fee for making an online payment and a fee for foreign currency exchange transactions made on purchases incurred when travelling outside the country. There will be fees to re-instate suspended reward points and fees to use points in some cases. There will also be fees charged for transferring account balances from one card to another. The kinds and types of account fees are expected to vary widely but all are designed to restore lender revenues lost as a result of limits put in place by the Credit CARD Act.

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Consumer advocate groups are not pleased with the new fees. Some fees can be avoided through responsible behaviour such as making a payment on time. But there are fees that cannot be avoided, like annual fees, as long as the account remains opened. Right now there are only about 20 percent of credit card accounts that have an annual fee but that number is sure to significantly rise.