One day your children will need a good credit profile. They’ll want to get property or their own transport and this is not possible, or at least it is much harder, without a good credit profile. Is it advisable to introduce your children to credit at an early age, or is it better to let them learn from their mistakes when they are in their early or late 20s?
Teaching your teens about credit
July 9th, 2009How do debt collectors operate?
June 28th, 2009Many people are afraid of debt collectors as fear these people will exacerbate their financial problems. This is, of course not true in most cases.
High Court Enforcement Officers (HCEO) are one type of debt collector. They execute the Judgments and orders of the High Court and County Courts of England and Wales.
Credit after bankruptcy
June 19th, 2009Information on your bankruptcy will remain on your credit file for six years. The official receiver should publicise your discharge or you should send CallCredit, Equifax and Experian a certificate of discharge so that your credit file can be updated.
It may still be possible to get credit after you have been discharged from bankruptcy. Not all lenders use the same lending criteria; some may decline you but others may offer you credit at higher interest rates.
Is there such a thing as good and bad debt?
June 2nd, 2009Debt has been around since about 8000BCE; people have always wanted things they could not afford readily. Mesopotamians needed some sort of system to record their financial dealings, and for this they invented writing. You might feel tempted to infer that the concept of debt is a good one because of this.
Most financial planners will advise you to stay away from too much debt, yet other financial planners consider all debt to be bad. But few people have trust funds and most need some form of credit to get the things that they need the most, such as a mortgage for a home.
How do depressions and recessions differ?
April 25th, 2009No-one can give an exact description of the difference between a depression and recession, not even the IMF (The International Monetary Fund which is a private international organization that oversees the global financial system). There are many who have opinions but there is a lack of a single definition which will satisfy everyone.
It is easier to define a recession. A recession is, among other things, at least two successive quarters with lower production. Economic quarters last three months, i.e. there are four such quarters a year. Some characteristics are high levels of unemployment, a fall in wages, high inflation and fewer retail sales.
