What If You Have a Bad Credit Rating?

• These days having a bad credit rating is not so much of a problem as it was in the past
  
  
• Lenders generally make so much money by offering credit that even people with bad credit are good for business
  
  
• But a person with bad credit normally has to pay a higher interest rate (to compensate the credit card company for the extra risk) alongside a reduced monthly credit limit

For example;

• If Mr B decides to pay his credit card balance off every month then the higher interest rate is immaterial
  
  
• If you have a bad credit record, or suspect that you have, please see our guide on How To Repair a Bad Credit Rating.

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Companies Who Offer To Repair Your Credit Rating

It's good advice to stay away from companies that offer, for a fee of course, to repair your credit for you. Most if not all of these firms are a con and are looking to charge their customers for a series of simple steps, such as getting you on the Electoral role, which they can easily do themselves.

Incidentally, if you do get in serious debt the best thing you can do is call the UK Debtline who offer excellent and 100% free advice on how to handle the situation - www.nationaldebtline.co.uk