Introduction to Bad Credit

Having bad credit basically means that your credit file contains adverse information relating to your financial situation and history, including information such as your repayment habits on bills and debts, any arrears or defaults, any court action relating to financial matters, etc. The information on the credit file then affect your credit rating, which is what lenders look at when you apply for any form of credit, and the more damaging the information the lower your credit rating will be, and the more likely you are to be turned away for finance in the future.

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In the past having bad credit carried with it a huge stigma, and most people were more than embarrassed to admit that they had suffered financial problems and had damaged their credit rating as a result of this. As for attitudes from lenders, most considered those with bad credit as untouchable, and therefore people with bad credit were left out in the cold and had a really hard time when it came to their financial future.

However, over recent years this situation has changed, and this is especially true in the current financial climate, where many people have suffered financial problems due to the global credit crunch that swept across the nation last summer wreaking havoc in the financial markets. Over recent years people have become less frightened and embarrassed about admitting to financial and credit problems, and this is because it has become a more common situation.

In fact the situation has now reached a point where not only do those with damaged credit no longer feel as though they need to hide in a corner and cringe with embarrassment, but many lenders have started to actually cater for those with bad credit. You can now find lenders that specialise in bad credit loans, credit cards for those with damaged credit, and bad credit mortgages. With so many people finding themselves with damaged credit these days lenders have realised that they have to offer these services in order to fill a massive gap in the market.

With the financial situation in the state that it is in at the current time it spears that more and more people may find themselves in a position where they have bad credit. Household budgets have been hard hit by rising fuel costs, increased bills, rocketing food prices, increased borrowing costs, and below inflation pay rises, and all of this has had a negative impact on household finances. Naturally, this will lead to an increase in the number of people that are unable to keep up with repayments on their financial commitments, leading to a rise in the number of people with damaged credit.

Sadly, it is far easier to damage your credit than it is to repair it, but there are ways to bring your credit back up to scratch, although it can take a while. One way is to take advantage of a credit card or loan designed for those with bad credit, and then to ensure that you use and repay it sensibly and responsibly to help to slowly rebuild your credit.

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