Relieve Your Debts!

The number of credit card bills that were 60 days or more behind at the end of 2011 was down considerably from the same point in 2010, as consumers continue to reduce debt.

The amount of delinquent credit card debt fell for cards issued both by banks and by retailers, according to Decembers National Credit Trends Report issued by the credit monitoring bureau Equifax. Credit cards issued by banks saw the largest improvement in delinquency rates for any type of consumer credit, with the number of accounts that were 60 days or more behind on payments dropping 29 percent on a year-over-year basis. Full Post…

Insufficient debt capacity means that an individual or business does not have the ability to take on a certain amount of new debt because allowable debt has already been incurred. For businesses, this restricts the opportunity to borrow money for expansion, and for individuals, it limits the amount they can borrow to finance various asset purchases.

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Business owners are increasingly taking on personal debt problems in order to keep their companies viable, according to new figures.

The Centre for Economic and Business Research (CEBR) conducted a survey recently in which 47 per cent of respondents admitted that they were forced to use their own cash to keep themselves in business this year.

Other results of the survey were just as worrying, as:

• More than 25 per cent of business owners said they had taken on credit card debt or made use of personal overdrafts in order to help their companies stay afloat
• 22 per cent relied on loans from banks or building societies
• 27 per cent were forced to ask their friends and family for debt help or other financial support
• 13 per cent took the drastic step of remortgaginwg their homes

Researchers also found that the average amount raised by any of the above means was £20,400, and that nearly 90 per cent of small business owners think that the UK is an unbearably expensive place to do business.

The price comparison service Make It Cheaper commissioned the research, and the company’s managing director Jonathan Elliot commented on the findings. He

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Getting a loan to pay off unsecured credit card debt can seem like a good idea on the surface, but a closer look proves that it isn’t always the right solution for the situation. Consider first that the debt relief loan has to be paid back and consider the interest rates and what the results of a default may be. They have serious consequences.

Here’s why. In order to get a loan to pay off debts, you’ll need to put up collateral. A bank or other lending institution needs something to secure the loan and that’s usually a house or other hard asset. Many times, the consumer is staying current with mortgage payments and it is the one facet of their financial life that is secure. By usin

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