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Monday, 10 November 2008 |
By Alisdair Cosgrove
 With the Christmas season fast approaching, it is more important than ever to try to avoid using store cards wherever possible. This is because of the tendency to overspend when you enter the store for which you have a credit card and see something that really strikes your fancy. So many people turn to credit cards to help ease the financial crunch associated with buying Christmas gifts for family and friends and delaying the inevitable of paying for these purchases until the start of the. The reality of spending too much on store cards sinks in when you get your statement in January.
If you already have several standard credit cards that are maxed to the limit, then obtaining a store card is not a viable option for you. It will only place greater financial strain on your already strapped resources and force you to make the minimum monthly payments on your account. With the high rates of interest charged on store cards, it will take you a very long time to pay off the amount you spend in this manner. Quite often the |
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Last Updated ( Monday, 10 November 2008 )
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Friday, 07 November 2008 |
By ratetake
 Banks are tightening even more on their lending practices from home mortgages to credit cards and business loans. The Federal Reserve said in its quarterly survey of bank lending practices that most banks are tightening their credit guidelines even further.
The Fed found 85 percent of banks tightening their guidelines for commercial and industrial loans, which were up from June survey which reported 65 percent.
Even further 95 percent of the banks reported tightening guidelines for lines of credit. Number of larger banks reported tightening credit for credit cards and loans where 60 percent of banks responded with tightening credit card debt, while 65 percent responded with tightening on consumer loans.
With Fed survey there is a sign on Wall Street that banks are increasing their credit supply. Even with tighten credit banks are now considering changing their credit guidelines.
For credit cards, banks are still not willing to take any further chances with many borrowers and now many of consumers see their limits reduced. A survey of credit card industry showed that 62 percent of credit companies will plan to reduce |
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Last Updated ( Friday, 07 November 2008 )
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