Bad Credit Leads to Higher Interest Rates

It was reported on February 2012 that the interest rate of credit cards charged to consumers is 16.88 percent on the average. This report was made on FoxBusiness.com. Worse is that, there is a possibility that this interest rate will go higher by as much as 4.21 percent if you have a bad credit.

In 2012 the credit cards interest rates keep on rising. Because of the high interest rates on credit cards, people with poor credit histories are losing interest in getting credit cards. Credit card companies are very careful in selecting customers who would like to own credit cards and one of the ways they are doing to eliminate customers is by imposing high interest rates.

It is very important, therefore that customers have to pay their dues on time if they want to avoid the rising interest rates of credit cards.

Steps to repair your bad credit rating

It takes patience, discipline and focus to work toward better credit ratings. There is no quick fix for them. The Fed warns consumers to avoid getting the services of credit repair agencies which might be involved in scams. Instead of helping you, it will only worsen your debt situation. But do not lose hope because there are means which can help you to repair your credit rating.

1. Make concentrated effort to reduce your debt by paying first your credit cards which charge you the highest interest rates.
2. Avoid delayed payments. Make reminders using Post It stickers to be sure that you will not miss paying your credit cards due on time. You may also employ automatic withdrawal for credit cards payments.
3. Do not close unused cards and open new ones. Opening a new one is disadvantageous because it may not qualify you for the number of years that the company might require to give you a good credit rating.

Farmington Convention and Visitors Bureau’s Former Exec Director Charged for Embezzlement

An audit is being conducted at the Farmington Convention and Visitors Bureau. The auditor has found out the former executive director of the Bureau has embezzled it by $400,000.

Debbie Dusenbery was the former executive director of Farmington Convention and Visitors Bureau. She told police that she embezzled the Bureau for personal expenses and for extravagant trips. After telling the police, she committed suicide in Arizona on Jan31. She was found dead with a gunshot wound.

According to City Manager Rob Mayers, a private audit must be conducted no matter how much the cost is because it is very important to investigate what took place for several years when Dusnbery was the executive director. The initial estimate of the audit cost is $15,000 but it may cost up to$50,000.

The Bureau will have to pay for the cost of the private audit. It is getting its $700,000 budget through the 5percent tax on hotel rooms. For the mean time a temporary director is running the operation of the Bureau.

Dusenbery acknowledged through her email to police that every month for the last 12 months she made two transactions to pay for her credit cards. She also admitted that each month she paid $1,500 on an equity loan.

After the board members of tourism learned about all these reports, the board decided to suspend her. On Jan. 17, Dusenbery submitted her resignation.

Robert The investigation is still going on and it is under the supervision of Farmington police Sgt. Perez.

Perez found personal effects and other financial documents in Arizona in Dusenbery’s jeep. There are five personal letters addressed to people in Farmington. The source of the money found is being tracked by the police. They are investigating if the money came from Totah Festival or Freedom Days events. Dusenbery holds key positions in these two associations.

While the investigation is going on, the operation of the convention and Visitors Bureau is recovering.

Larry baker, the board president said the board plans to get a new executive director. The board plans to advertise for interested applicants.

Looking for Bad Credit Installment Loan Finance Companies

Within our everyday life, we spend some money for many kinds of purposes, say for example a medical emergency that will need expensive drug treatments, your car needs urgent repair service or a very expensive school project for your children that will need high-priced equipment. It’s quite common in such cases to deal with a financing loss.

An incredible option for protecting this kind of financial disaster is through installment loaning. There are a lot of installment loan finance companies that provide these financing options despite having bad credit. It is very important to get in to some in-depth research into the nature of these lending options and the nature of the lender to make a contact which will land in a fantastic offer.

Installment loan finance companies give a good deal of loans on their customers based on their various wants. They might need less than a day prior to the application you have submitted. Each and every organization features its own terms of reimbursement and the state exercises its privileges under the terms and conditions of the financial loans. The normal amount of the repayment is just for weeks. Nevertheless, you can still have the option to increase the loan based on what exactly is right for you.

Even though a lot of providers claim that they could give the best installment loan, there are distinctions between services. It is very important that you study and look for the best installment loan service with all the best options for the kind of loan you need. A lot of these lenders have been in competition against each other, which is likely to discover a nice deal with outstanding condition. Several things to research are the interest rates, maximum loan costs and the payment conditions, all of these components get together and separate the most effective installment loan companies.

Why Are Credit Unions Better than Banks?

Without the free checking and with the increasing fees of banks, you may benefit more from a credit union.
Credit unions basically have better deals on loans, checking accounts and other products compared to banks. And it is easier to join them at the present times because there are around 7,000 of them nationwide.

However, there are cases when you are only eligible for basic services. This means that you cannot have online banking or other perks that banks offer.

Credit unions are already beating banks nationwide because of their nonprofit nature and their members’ ownership. Because of this, they can offer the best possible deals says Bankrate.com’s senior financial analyst Greg McBride.
Some credit unions also offer free checking which most banks today do not provide. Moreover, overdraft charges are cheaper on the average among credit unions. In addition, out of network ATM transactions are charged about 99 cents in credit unions whereas banks charge $1.41.

Aside from these benefits, a lot of credit unions belong to a network that allows customers to transact with other credit unions and withdraw funds from different ATMs all over the country.

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In terms of interest rates, credit union offer better rates. For example, a one year certificate of deposit is on the average paid at 0.7% whereas banks only pay 0.42%. For credit cards and loans, credit union rates are also much better with an average of 4.67% interest for vehicle loans compared to 5.47% charged by banks. Home equity lines of credit are at 4.16% in credit unions and 5.38% in banks.

A lot of people are also qualified to join credit unions. You can participate in a credit union that is affiliated with your employer or those that accept employees coming from different companies. You also have an option to join community credit unions which are open to people you work, live and go to school with in a specific area. Colleges and religious groups also have their own credit unions that you may be able to join.

Related articles

• A 7-step plan to break up with your bank (msnbc.msn.com)
• Four Reasons to Switch to a Credit Union (frugaldad.com)

Paying Off You Debt Using a Personal Cash Loan

Using a personal cash loan to settle debt is an exceptionally sensible monetary step that you could make. If you find yourself drowning waist-deep with debt then you’d do well to go down this route to eliminate your financial problems. A cash loan of this nature can do magic to help you get back on the way to financial recovery.

There are numerous positive advantages to using a loan to pay off financial obligation:

1. By using the money arises from a personal loan to pay off all or part of your financial debt, you’re paying back creditors who will in turn report to the loan reporting agencies that your debt has been paid back. This can increase your credit standing.

2. By utilizing a loan to pay off your debt, you will have much less creditors to manage. You’ll just make one monthly payment instead of several.

3. Your consolidated monthly interest and lowest payment per month would be lesser than the total monthly installments you’d have created to each of your personal creditors.

4. The loan will probably be repaid in a few years, typically not exceeding 5 years. This is in huge comparison to the pay back period of a credit card or a house collateral line of credit that may take upwards of twenty years to pay off.

When you think about the choice of utilizing personal money loan to pay off debt versus some of the other well-liked techniques, like using a house equity loan or line of credit, or using another lower-interest charge card balance transfer, you’ll find that a money loan is the wisest alternative amongst all of these.

A house guarantee loan or credit line is really a poor concept. Why? Despite the fact that most financial specialists will try to encourage you to definitely consolidate your debt by tapping into your home’s collateral because of the significant tax benefits you can realize, the risk isn’t well worth the incentive, when you consider that you run the chance of losing your house if you miss any of your monthly installments. Remember that a house equity loan or credit line makes your loan payment higher!