British Banks have been applauded today for holding out well against the credit crunch.Banks have survived largely by being highly selective as to which customers to take on and by making sure their assets have more liquidity.
Banks are recommending that potential customers have a good credit record. Those with stains on their credit history are advised to pay off any missed payments.
Even if one has something as serious as a CCJ (county court judgement) and is ordered to make a missed payment in full by a court of law.
The customer still has 30 days to make the missed payment and clear their name with no bad history to show for it. Conversely you can have your credit record stained for around 6 years if one fails to make their court ordered payments.
Having a better credit record will allow one to benefit from better rates.
Abbey National insurance surveys have revealed that British people worry the most about finance than any other nation in the world. Each individual surveyed worried on average 20 hours a week. Mainly this worry was due to debt, fears over health and mortgage payments.
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