Credit-Land.com Consumer Holiday Advisory Report:Ease on consumer lending creates an opportunity for frugal holiday shopping with a new low interest credit card.
(prHWY.com) December 16, 2011 - MIAMI, FL -- MIAMI, FL., December 16, 2011 -- As the holiday shopping season gets in high gear, for consumers with not-so-perfect credit history and a high interest rate (APR), Credit-land.com recommends to consider the new apparent ease on consumer lending reported by Equifax; and use this opportunity to apply for a new low interest credit card. An introductory low interest ratewill be very effective in combination with a budget strategy that will work towards preserving your credit score and repaying your debt faster.
According to data released by Equifax, more consumers are having an option to a low interest credit card at their disposal, compared to 2010. Surpassingly, "Subprime" borrowers, consumers with a credit score of 600 or lower, had their credit card applications approved at a 56% percent higher rate in January 2011 through August 2011 than they did during the same time period in 2010, Equifax states.This is a long awaited opportunity for Americans to rebuild their credit, as lending frees up from post-recession thaw.
Budgeting with low interest
credit cards to build credit is an excellent idea for a holiday shopping spirit. Starting a new fiscal year with high interest debt close to your credit limit - is not a good idea, since the debt ratio plays a significant role in your FICO credit score.
This is why Roman Shteyn, a financial guru and CEO at Credit-Land.com, advises those consumers, which are not accustomed to paying-off the entirety of their borrowings at the end of the month,to create a holiday budget and utilize
low interest credit cards, as apparently they become available to a wider audience.
Basic Debt management calculation of low interest credit card advantage:
The Equifax reports that an average personal finance amount in August 2011 was$2,902 dollars, lowest in 6 years. According to Credit-Land calculations, if you decide to pay-off that loan at $50 per month, while your variable APR lingers around 17.9%, you will pay $3,880 in interest charges, over a period of 11 years, totaling your debt to $6,782.But,if you can qualify for a new credit card with a zero percent introductory rate, for a period of 12 month, like the Citibank - Citi® Platinum Select® MasterCard® for example,you can save up to $2,899on average, and pay off that loan in just 6.5 years, half as fast at same $50 per month, according to Credit-land team calculations.
Not everyone can qualify for a low interest credit card offer. The key to increase the chances of getting the savings of the low interest credit card is boosting your creditworthiness.A perfect example can be minding the debt-to-credit ratio and variable interest rate on debt. That is why it is essential for anyone looking to
apply for a credit card to put some time and effort into researching the possibilities of a low interest offer.
Contact Details:
Credit-Land.com Inc
2751 S Ocean Drive
Suite 1202 South
Hollywood, FL 33019
Phone:1-888-281-1556
Email: press@credit-land.com
Website:
http://www.credit-land.com/
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