Credit Cards & Bad Credit Loan Rates on the Rise, Says Credit Problems No Problem Ltd

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As people turn increasingly to bad credit loans to consolidate debts where credit card and loan payments have spiralled out of control for them. Many wonder how the recent budget will help them through this recession. The record cuts in the base rate made by the Bank of England has helped ease the pressure on those struggling with mortgage and secured loan payments, but people looking for unsecured loans have felt the burden of these shortcomings. "It may seem like a blacklisted loan with a reasonable APR is to be something of the past, but it is still obtainable" according to a spokesman from Credit Problems No Problem Ltd (http://www.creditproblemsnoproblem.co.uk).

Over the last year, mortgages and secured loans have been grabbing all of the financial headlines as the UK market continues towards a bad credit future.

The record cuts in the base rate made by the Bank of England has helped ease the pressure on those struggling with mortgage and secured loan payments, but people looking for unsecured loans have felt the burden of these shortcomings.

With some lenders increasing rates by up to 9%, consumers who have previously encountered credit problems due to poor credit reasons such as County Court Judgements (CCJs) and defaults are worried that they will soon be priced out of unsecured loans.

"It may seem like a blacklisted loan with a reasonable APR is to be something of the past, but it is still obtainable" according to a spokesman from Credit Problems No Problem (http://www.creditproblemsnoproblem.co.uk).

Although the current recession has meant some homeowners are now facing negative equity, their current mortgage payments have probably been lowered due to the cuts in the base rate

Unfortunately those who have been seeking help to their credit problems through unsecured loans have seen their repayments increase.

Credit card interest rates have also risen, increasing people's chances of falling into bad credit."

The financial industry is currently bracing itself to see how the main focus of Alistair Darling's 2009 budget will affect them.

Although he was upbeat about the economy towards the end of 2008, Mr Darling has resigned to admitting that it will continue to shrink by 3.5% in 2009, 2.5% worse than previously expected.

Stimulating the housing market with a £600m funding package, incentives for new car purchases to help the motor industry and installing confidence in the credit markets are vital parts of his agenda, but at what cost will this now be to those looking for unsecured loans?

Over 150,000 people every month look for ways to help consolidate their existing bad credit, most of those look towards unsecured loans to help them regain control.

Lenders are becoming more wary of their potential customers ability to repay their loans and are becoming increasingly strict when it comes to choosing who they will offer loans for bad credit.

Those who are in need of borrowing money on an unsecured basis should not be put off by this as there are still competitive rates out there, even for those with CCJ's or a poor credit history.

Those who are seen to be more of a credit risk due to previous credit problems should not expect to achieve APR rates that are advertised, but can still obtain blacklisted loans.

A spokesman from Credit Problems No Problem Ltd (http://www.creditproblemsnoproblem.co.uk) who specialise in aiding people with poor credit, stated "there is a significant increase in people applying for bad credit loans specifically to help consolidate debt where credit card and loan payments have been mounting up"

"The latest government figures show that over 100,000 people applied for bankruptcy last year. Taking these and other figures from our own records into account, we have been able to adapt our business and move towards helping more people in the long term to secure their financial future."

Credit Problems No Problem helps out people who fear they have been blacklisted because of CCJ's and Defaults.

Credit Problems No Problem holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.

Credit Problems No Problem is also registered with the Information Commissioner's Office for Data Protection.

For rapid help, phone 08004125634 or visit
http://www.creditproblemsnoproblem.co.uk    

Notes for Editor:

http://www.creditproblemsnoproblem.co.uk

Credit Problems No Problem Ltd
Queensgate House
Exeter
EX4 3SR
United Kingdom
Tel: 0800 412 5634

Credit Problems No Problem was formed in 2003, bringing together a team of specialists that together offers 27 years of expertise to help applicants gain the unsecured loans they need.

From its UK head office in Devon, Credit Problems No Problem operates across Britain, sourcing loans for people with bad credit.

Credit Problems No Problem holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.

Credit Problems No Problem is also registered with the Information Commissioner's Office for Data Protection.

No fuss service - guaranteed.

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