Sunday, November 11, 2007

Does It Help?

On my way to work this morning, I heard on the news over the radio that banks are still slashing credit as many fear that the recent US sub prime issue isn't quite over yet. It has caused huge multinational banks such as Citigroup and Merril Lynch to report huge losses as many of them got caught by the mortgage defaulters. A friend who's familiar with the US mortgage scene told me that it can be quite difficult for a person who has defaulted on his mortgage payments. His credit rating will drop and he will find it near impossible to obtain any further loans or credit cards. This is where Bad Credit Credit Cards comes in to help these people with bad credit. They provide them a facility that allows them to own a card which can hopefully help them restore their credit rating when they start making regular payments on it. I'm not sure if it is a good idea though that will help them or end up being abused.

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