Why bad credit is prevalent and steps you can take

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How You Can Avoid Credit Card Debt
We all know the key to good health begins with a dose of prevention - eat right, exercise regularly, and get a good night's sleep. Your financial health is no different. By taking a few steps of prevention today, tomorrow your finances will have a clean bill of health freeing you to live a life of opportunity rather than of difficulty.

Keep the Right Perspective

Much of the p... Read debt consolidation article



How to eliminate credit card debt
If you have a large amount of credit card debt, it may seem that there is no way out from under the financial pressure. Financial difficulties can affect other areas of your life and cause you a great deal of worry and stress. The good news is that there is a way to eliminate credit card debt in a shorter period of time than you may have realized. By eliminating your credit card debt now, you will... Read debt consolidation article



Why bad credit is prevalent and steps you can take
Many "experts" blame the epedemic of credit problems in current society on factors such as lack of stable permanent employment, relegation of importance of marriage and the family unit, inadequate healthcare and insurance provision and failing government support for established industry.

However there have always been redundancies, marriage break ups, unexpected bills, health problems and every other logical reason for people to have problems with existing financial commitments, so why do these situations now cause so many problems for individuals and families in the western world (the UK and USA in particular).

Well the first reason is simple, prior to the existing "big brother" situation it was possible to encounter temporary financial problems and to recover from them over a period of time no harm no foul as long as debt was repaid. Most companies would be happy to deal with you again as they can see you had problems but made the effort to overcome them. Other companies would also be happy to deal with you as they probably would not even know about past problems. This is not the case nowadays, every missed/late payment is there for all the world to see!

Secondly, in the past during hard times it might have been possible to obtain further borrowings from a helpful local bank manager sympathetic to your current situation to see you through times of adversity, again this is not the norm today, the bank manager can still be sympathetic, but its the computer that makes the decisions and if you are behind with existing commitments and this is reflected on your credit file the chances are the computer will simply say no!

Thirdly credit never used to be so easy! Back to the local manager/advisor again, you would be expected to show how exactly how you can repay the borrowings and go through existing commitments, nowadays its easy to lie on an application form or internet site with no face to face meetings, many people borrow beyond their means.

David Wood is a financial author contributing to many finance publications, check out his finance blog at http://www.fm-money.co.uk

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Credit card debt and online gambling

It is the latest craze at the moment and everyone seems to be enjoying gambling at home with the increase of poker sites on the internet, but its not good news if you are running up debts on your credit card. I don't know about you but it seems that I have a misconceived perception of time when I am sitting at my computer; time just seems to fly by. The longer you are gambling on an internet poker site, the more money you are spending.

Online gambling is being seen as pushing up consumer debts and that's not good for the UK economy. Figures from the government have revealed that the amount of money spent on gambling last year was £42.8 million; in 2001 that figure was only £8.6 million. It is a perturbing sharp increase. Internet sites that have been registered outside the UK have not been included in the government figures of money spent.

The glamorization of gambling, especially poker, by celebrities at the moment is partly to blame for the rise in gambling. Sitting at home on your computer can undermine your ability to spend your money wisely. Internet poker sites or casino sites allow you to insert your credit card details; once your details have been entered you can continue gambling up to your credit limit. Some gamblers are maxing out numerous credit cards at a time to try and win back money they have lost with the Debt Advisor group seeing some individual debts as high as £100,000. Casinos have a strong cash culture unlike internet gambling where it is your credit card that does the spending. Using cash instead of your credit card makes you more aware of the amount you are spending.

The growth of gambling online in the next five years is predicted to be around 22% a year while playing poker online is said to rise by 44% a year. Gambling through your mobile phone is now also being offered by companies which could see even higher debts being accumulated.

Gambling has always seen its fair share of creating debt problems but with easier accessibility it may cause more households to suffer from unmanageable debt. Other household members are usually unaware that there is a debt problem looming not realizing how much is actually being gambled, the more desperate people become to win back their money the higher the stakes become seeing people usually losing more and more.

If you are suffering form credit card debt problems through internet gambling there are many organizations that can help you. Seeking help sooner rather than later will prevent even more debt.

Joseph Kenny is the webmaster of the UK credit card comparison site http://www.creditcards121.com/, where you can find a selection of interest free credit cards. For US visitors there is also the comparison site http://www.credit-cards-info.com


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Why bad credit is prevalent and steps you can take
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