Archives for 8 August 2007
Debt consolidation loan users ’should destroy credit cards’
Britons should cut up their credit cards after obtaining a debt consolidation loan, it has been advised.
Mint Financial Services warns that the temptation to run up new credit card bills should be eliminated if a debt consolidation loan is to benefit the borrower.
Spokesperson Adrian Kidd says: “The main thing I would advise people to […]
Consolidating debt ‘is a good thing’
Consolidating debt is frequently a good option, it has been claimed.
Adrian Kidd, spokesperson for Mint Financial Services, suggests that debt consolidation loans can result in borrowing being cleared faster with less impact on an individual’s credit score.
He says: “With a loan you are given the time and you know that within five or seven […]
Debt elimination ‘most popular way to improve credit’
Debt elimination is the most frequently-used means of improving credit ratings by individuals, it has emerged.
A study by credit agency Equifax found that 31 per cent of consumers have used debt elimination to improve their credit situation - more than any other process.
Some 27 per cent stated they had made no attempt to recover […]
Debt recovery ‘can improve credit rating’
Succeeding in debt recovery efforts can improve an individual’s financial standing, it has been claimed.
According to credit reference agency Experian, recovering from debt can prove more beneficial than never obtaining lending in the first place.
“If you have no credit history it can cause problems because lenders have nothing to base a decision on,” explains […]