Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips

How to get a bad credit credit card

October 30, 2011 by · Leave a Comment 

Do you have a poor credit history but need to get a credit card. You can go for a bad credit credit card, where approval is not based on the customer’s credit rating but by depositing money as security with the credit card provider. Consider the following when getting a bad credit credit card.

Look at all the options available

There is the option of selecting a guaranteed credit card or a pre-paid credit card. A debit card will not permit a user to over spend as when the money deposited is spent you cannot make any further purchases which will control your spending.

A guaranteed card is like a normal credit card and could make you over spend.

Check for reliability of the provider

There are many companies that offer very low interest rates and other rewards to bring in customers. Beware they may not provide credit confirming towards the major credit agencies which will leave you unable to use the card to repairing poor credit.


Make sure to find out about all the costs involved in getting a bad credit credit card. There are many hidden costs which will make you pay far more than you were told.

Balance Transfers May Help With Your Credit Cards

October 20, 2011 by · Leave a Comment 

Your credit score is probably one of the most important indicators for your credit health. You are making your mortgage payments on time and even have a little in your children’s college fund, yet your credit is still not, what it could be. Think about those credit cards that you use when you have a need such as tires, or car repairs. If you were only making the minimum payment, you would do well to plug your numbers into a credit calculator that will show you what you will actually pay when the loan is finished. You have to be very careful when it comes to your credit cards and the interest rate you pay will be the difference in how fast you pay your debt down. If you are making the minimum payment then you are paying all interest plus 1% of the principal and because of compound interest, you will be paying on this credit card for a long time.

If you have two credit cards with large balances, perhaps one of those cards carries a lower rate. Transferring the balance from a higher card to a lower is probably going to save you money in the end. Use a balance transfer calculator to determine the savings you will gain by doing a balance transfer between your cards. By entering your balances and the interest rate on your credit cards it will calculate the money saved, if any by doing a balance transfer. Another balance transfer calculator will show you how much and for how long it will take to pay off your card at a minimum monthly payment.

You should visit a financial institution for help on doing a balance transfer with a new card. The balances will then transfer onto the new card at a lower rate. You must be very careful when getting a balance transfer and read the fine print. It is common to charge a very low rate and then after a certain time the interest rates will jump possibly leaving you in the same position as before.

Do You Need a Personal Loan With Bad Credit?

October 16, 2011 by · Leave a Comment 

If you need a personal loan with bad credit, your situation isn’t as bad as you think it is.  There are several things that you need to do, but the first thing is to cover yourself for emergencies if you don’t have the money and you have bad credit.  This is easier than you think it is, and it’s not something to panic about.  You simply need to research companies that offer personal loans, and choose one that works for you.  But you also need to know some more helpful advice.  Personal loans are for emergencies only, not to be used as spending money for non-necessary items.  Most people with cards for bad credit have had problems in the past with credit card debt, and are familiar with debt payments.  But credit card debt is a little different than a personal loan.  If you take out a personal loan with bad credit or an unsecured credit card, chances are you will have to give the company you are taking out the loan with some form of collateral so that if you default on the loan, they have something of equal value so that they can protect themselves. 

If you have bad credit, I would also recommend that before you take out a personal loan, you seriously evaluate your finances to make sure that you can afford to pay the loan back.  No one wants to get stuck with a loan that they can’t pay back.