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Archive for October, 2011

How Much Do You Owe? Guess Again

And that leaves ignorance: The possibility that Americans simply don’t know how much they owe.

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Available Credit to Debt Ratio: What it Means to Your Credit Score

However, there are many other factors involved when it comes to determining your actual credit score, and not all of them have to do with whether or not you pay your bills on time each month.

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Civil Debt Judgments Still Falling

“This means that 38,000 people were issued civil judgments on their debts, compared to 49,000 a year ago.

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Consumer Financial Vulnerability Increases

Whereas poor people in the UK spend about 90% of their income and the more affluent use about 60% of their income, poor South Africans spend 122% of their income while the rich spend 97% of their income.

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Why Debt Consolidation Loans Don’t Work For Credit Scores

If you have a debt consolidation loan in progress, keeping your credit cards active by using them for a nominal purchase (R100 or less) may help you to lessen the potentially negative impact on your credit scores.

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Consumers Curb Debt

FNB said customers had become far more aware of costs and were consolidating their high-cost credit card debts with less-expensive fixed-term debt.

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Saving VS Debt

Financially it makes sense to pay off your debts first before saving. This is because you are paying anywhere from 15% to 30% for short-term debt and at most you would grow your savings by 12% in the current markets, so effectively paying off your debt provides a better return.

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Consumers Get A Raw Deal From Credit Bureaus

This means that the credit bureau must investigate the validity of the information, that it publishes, with the courts or credit providers. Credit bureaus cannot make this the obligation of the consumer – that is unlawful.

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First-Time Home Buyers Urged To Check Credit Report

“We recommend first time home buyers check their credit report before they start applying for home loans. And if their application is declined, they should stop applying and ask the lender what factor is disqualifying their application.”

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Please call us on 010 590 5617 if you need any additional information our professional advisors are eager to assist you Dismiss