Canadian Dollar Performance Update Spring 2007 Consumer Society And The Bad Credit Secured Loan Comparison Making In The New Millennium Do You Have A Good Credit Score Holiday Winners Losers And The Vicious Cycle Of Debt

During recent months, the Canadian dollar traded a tight range against Sterling between 2.2500 and 2.3000.

This follows a sharp uptrend in GBP/CAD from a low around 1.9737 (02/03/06) to a recent high at 2.3567 (23/01/07) caused by expectations of higher interest rates in the UK, coupled with interest rate stagnation in Canada. At the same time, the US$ has weakened, forcing the exchange over US$2 per GBP and down to US$1.11 per CAD giving UK customers a boost while detracting the value for our southern neighbours.

In the UK, the Bank of England left interest rates on hold in April, however, expectations of higher rates in the months ahead continue to offer support to Sterling. With a buoyant housing market and strong levels of consumer spending, the market is expecting that the Monetary Policy Committee (MPC) will be forced to raise rates at least once more in an attempt to dampen down inflationary pressures. The headline Consumer Price Index (CPI – the most recognised measure of inflation in the UK) is currently running at 2.8% y/y against a target rate of 2.0% and raising interest rates is the most obvious way of combating rising prices.

Meanwhile, Canada has been faced by interest rate stagnation following the rise to 4.25% in May 2006. Risks to the Canadian economy remain finely balanced with the threat of an economic slowdown filtering across the boarder from the US. As its biggest trading partner, any signs of a struggling US economy may impact the Canadian economy although this has not really been the case so far in 2007. In similar fashion to the UK, the Canadian housing market remains robust with The Canadian Real Estate Association reporting strong sales of existing homes in February and record high average house prices. The Canadian Dollar is also likely to remain well supported against the US$ by rising oil prices given that oil exports represent a large percentage of the Canadian economy.

Looking back to March 2006 GBP/CAD traded a low of 1.9737 (02/03/06) indicating a difference of CAD 32,300 in less than twelve months when looking to transfer
It is a fact that we live in a consumer society in the UK today. Nobody can argue with that because the facts speak for themselves. We spend more on the high street, shop on the Internet, and buy things that we cannot afford because the majority of individuals are materialistic. More people than ever before are in debt and cannot afford to keep up repayments, and consequently more people are looking towards the bad credit secured loan as a solution.

Few people keep up with their mounting debt totals until it is too late, by which point their home is the only viable asset they have. In order to consolidate debts, he or she may look for a secured loan, but what if his or her credit has been damaged? In the past, this would have meant that there was no way he or she would be approved for a loan, whether secured or unsecured. However, that is most definitely not the case today!

Any individual that has ever been on a search and compare website will know that there is a whole range of bad credit secured loan options out there today. A few quick numbers types into a form on a comparison website will immediately return several bad credit secured loan results for an individual to compare. This is largely because a high number of individuals have bad credit scores. Noticing the demand in the market place, many lenders have jumped on the bandwagon, meaning it is possible to borrow money regardless of your financial state these days.

In truth, the bad credit secured loan is highly dangerous for some individuals, namely those that still have spending problems and stand no chance of getting their finances under control. However, those individuals that have brought their spending under control or just had a tough time can really benefit from the bad credit secured loan. It is definitely an option worth looking into if the risk is minimized beforehand!

If one is human, one cannot afford to make comparisons. After all, everything is relative. As the old adage goes, “beauty lies in the eyes of the beholder”. But how would one decide what is beautiful without first having decide what is not beautiful? We make comparisons all the time — taller, fatter, prettier, smarter, are all words that we have learned in our early days in school. The “superlative” is what we are always on the hunt for. Every one of us wants the best. We want to be the best. We have to own the best. And that is the attitude that we take with us each time we take ourselves shopping.

Each time that we go to buy groceries, we pick out fruits and vegetables that appear fresh. We assume that this is a sign that they will be scrumptious. We hope to get greater quantities for lesser amounts of money. After all, even in our search for the best we want to get our money’s worth. Similarly, when we go shopping for clothes, most of us like to stick to brands and stores that have given us good service over the years. We look for durability and style in every piece of clothing that we decide to buy. If we are paying good money for something, we would like it to last for a little less than eternity, and look good. We are sniffing for the diamond among a million things that are only run of the mill.

Of course, shopping is not merely limited to clothes and groceries. There are many other things that we shop for. What about the house that you invested in a few years ago? Didn’t you do a lot of searching for the ideal house that would look good, be spacious, have a great view, and be easily accessible? Then, after having found the perfect house, did you not scour financial companies for great loans and mortgages to aid you to fund your investment?

Making comparisons is essential if one is on the lookout for good discounts. For instance, you might look around extensively before you decide on the laptop that you should be buying. But what about the credit card that you will be paying for it with? Does it offer you any bonuses? If your answer is “no”, maybe it is time for you to scour the markets and compare great credit cards before finally deciding what works best for you.

There is no way out of this. If you want to have the best of everything, you cannot be satisfied with the average.

A good credit score is necessary to obtain loans, credit cards, insurance, employment and some other types of purchases. If you have a good credit score your interest rates on loans and credit cards is lower than with a poor credit score. Purchases such as a cell phone require a credit check and a poor credit score requires a hefty deposit on the cell phone plan. Employers may reject your application for poor credit, if you would work with undetermined amounts of money.

People never really think about all the things their credit score affect in their every day life. Your credit history follows you everywhere you go throughout your life. If you never view your credit history, you will never know why your credit score is good or bad. It may contain certain things on your credit report that reflects badly against you, even if you believe you have excellent credit, without looking you will never know the entire reason.

Creditors and lenders may indivertibly enter the wrong information for your payment history, they may enter your name incorrectly leading back to someone else with a different social security number, but this still sends up a red flag. For some unknown reason, some creditors some how have you married when you are not. This usually happens because of living conditions. For more info see on Credit Repair Services

In any case, this may reflect badly on you, if the names of the person you are suppose to be married to has a poor credit history. Although you can correct this error, you need to view your credit report annually to assure these records contain the correct information. In some cases, you may have to go to great extents to prove the credit report faulty. An investigation by the credit agency will prove your case or disprove your case. If the information found, contains errors, they will correct the problem, usually within thirty days.

The good credit score is a top limit of eight hundred and fifty with a low of five hundred and fifty points. The average person usually has a credit score of six hundred and fifty. You can raise your credit score by checking for errors in your credit history and requesting the appropriate changes. Everything you find wrong on the credit report adds to your credit score.

If you have many little charge cards, try to pay off each one right away and watch your credit score rise. The more good credit you have the higher your credit score goes. If you adjust your credit score just fifty to hundred points, it helps when applying for loans and credit cards. The higher your good credit score, the lower your interest rate as well as your insurance rates.

Holiday shopping brings bargain hunters and retail outlets together to fight it out over the once mighty dollar. As always, there are winners and losers in this economic game. The winners from the business side are the retailers that met or exceeded their sales expectations. The winners from the consumer’s side are those of us who did not overspend, or break our holiday shopping budget. Of course, you must first need to know what your holiday shopping budget is in order to know if you have won that game.

The losers on the business side are the retailer who did not meet their sales expectations. Of this group, the big losers are the small, locally owned shops without any corporate backing. This group must find ways to pay for excess inventory, and extra hours worked by their employees. Unfortunately, this could mean borrowing money. Which of course leads to further reductions to the bottom line in the form of increased interest payments.

Another unfortunate occurrence is when these small retailers no longer can obtain a quick loan, or cannot receive more credit from their vendors. They may turn to business credit cards to “bail them out”. This is a huge gamble, as credit cards usually carry higher interest rates that can increase at any time, just because the bank wants them to. Businesses that use credit cards to fund parts of their business operations are setting themselves up for a vicious cycle of debt. This should always be avoided.

As for the consumers, the losers of course are those who overspend on holiday gifts. The biggest losers are those who overspend using their credit cards, and do not immediately pay them off. Even while paying a bit more than the monthly minimum, after adding interest and fees, it could take months, or even years to pay off just one season of holiday shopping. And we start this all over again in less than 11 months.

What about those consumers who did not break their holiday spending budget? Did they win? Well if they shopped using cash, checks, or debt cards, then yes, they are the winners. However, if their spending budget was based on the fact that they could charge their purchases, and make small monthly payments, then they too are losers in this game. Interest on the debt built up over the gift giving season can easily break anyone’s budget. Most people do not stop to calculate the interest paid on specific purchases, and the banks will not help you do this. For too many people, the finance charge on their monthly statement is just another line item. Just part of life, or part of their expenses that can’t be avoided. We get to pay that in small monthly payments too. Plus more interest.

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