Property News > Is Your Credit In Crisis?

Is Your Credit In Crisis?

As Christmas approaches more and more of us turn to our credit cards to provide the funds we need to finance our seasonal purchases. Despite the concern emanating from retailers it looks as if we are set to spend record amounts again this year. During the Christmas period consumers in the UK are expected to shell out an amazing £53 billion, approximately two thirds of which is likely to be made on plastic.There is a boom in internet sales driven by more people getting online, more choice online, and lack of time to shop in the high street. More than ten per cent of sales this Christmas are expected to be made online, equating to somewhere in the region of £5.6 billion, most of which will be paid for using credit or debit cards.Using credit cards sensibly over the Christmas period can help you spread payments as well as provide a convenient way to shop that often gives you added protection through the card's own refund or insurance policies. But spending simply because you have plastic in your wallet can mean that you are storing up a crisis for the New Year. Remember to check the interest rate your card offers: many cards carry very high rates of interest and are really only suitable if you pay back your balance in full every month. Bear in mind that failure to pay means you will be running up a debt in interest charges alone, never mind the balance. If you get into debt on your card you could find that your credit rating is adversely affected.People with serious credit problems should take action and not bury their heads in the sand. Credit problems don't go away and have a nasty tendency to get worse!  Find out what your rights are and if there are any benefits you are entitled to (for example if you are unwell or unemployed) by contacting the local Citizens Advice Bureau. Talk to your bank, mortgage company or lender as communication is always essential in these situations. If you are considering the possibility of selling your home to pay off your debts, you don't necessarily have to move out. Property Rescue has a 'sell and rent back' scheme that allows you to remain in your home as a tenant after the sale has gone through. Selling your property can be an excellent way of paying off your debts and give you the opportunity to move on with your life, but it isn't right for everyone. The action you take depends upon your level of debt and your personal circumstances. Always take independent professional advice before you take action!Property Rescue will be happy to talk to you in complete confidence about how to sell your home fast, and they will explain their 'sell and rent back' scheme. They promise to make a 'no obligation' offer for your home.As Christmas approaches more and more of us turn to our credit cards to provide the funds we need to finance our seasonal purchases. Despite the concern emanating from retailers it looks as if we are set to spend record amounts again this year. During the Christmas period consumers in the UK are expected to shell out an amazing £53 billion, approximately two thirds of which is likely to be made on plastic.There is a boom in internet sales driven by more people getting online, more choice online, and lack of time to shop in the high street. More than ten per cent of sales this Christmas are expected to be made online, equating to somewhere in the region of £5.6 billion, most of which will be paid for using credit or debit cards.Using credit cards sensibly over the Christmas period can help you spread payments as well as provide a convenient way to shop that often gives you added protection through the card's own refund or insurance policies. But spending simply because you have plastic in your wallet can mean that you are storing up a crisis for the New Year. Remember to check the interest rate your card offers: many cards carry very high rates of interest and are really only suitable if you pay back your balance in full every month. Bear in mind that failure to pay means you will be running up a debt in interest charges alone, never mind the balance. If you get into debt on your card you could find that your credit rating is adversely affected.People with serious credit problems should take action and not bury their heads in the sand. Credit problems don't go away and have a nasty tendency to get worse!  Find out what your rights are and if there are any benefits you are entitled to (for example if you are unwell or unemployed) by contacting the local Citizens Advice Bureau. Talk to your bank, mortgage company or lender as communication is always essential in these situations. If you are considering the possibility of selling your home to pay off your debts, you don't necessarily have to move out. Property Rescue has a 'sell and rent back' scheme that allows you to remain in your home as a tenant after the sale has gone through. Selling your property can be an excellent way of paying off your debts and give you the opportunity to move on with your life, but it isn't right for everyone. The action you take depends upon your level of debt and your personal circumstances. Always take independent professional advice before you take action!Property Rescue will be happy to talk to you in complete confidence about how to sell your home fast, and they will explain their 'sell and rent back' scheme. They promise to make a 'no obligation' offer for your home.

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