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Improve your credit rating, advises expert

June 20, 2008 by admin  
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People who do not have a very good should make an effort to improve it, an expert has advised.

Richard Brown, the chief executive of Moneynet.co.uk, has said that lenders will not want to give out loans to consumers who have poor credit ratings, regardless of their job or earnings.

“At the moment, lenders are only really lending money to people who are demonstrating that they can repay it, so the ground rules have changed dramatically in the last 12 months or so,” Mr Brown commented.

He advised people with poor credit ratings to make an effort to improve them by making regular repayments on loans every month and trying to pay off more than just the minimum amount.

According to , the average amount of interest paid by each household on their total debt is about £3,790 a year, which is up by £343 from a year ago.

Tags: Loans, finance, credit rating, debt, repayments

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