What is Bad Credit? What its got to do with the Credit Crunch?


	What is Bad Credit? What its got to do with the Credit Crunch?

ronald25

5-2-2009 5:07 AM

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tags:

credit, loan, money, credit crunch

ronald25 says:

Bad credit? Isn't all credit bad? In this article, we'll explain why bad credit is to blame for the credit crunch and the impending recession. We'll tell you how irresponsible the US banks have been.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8148c752-ffc7-4ebc-9b16-4e3367f542ea/2AE0923E-1F91-42D4-841C-F6E061648CD4/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.paydaynextday.co.uk/What_Is_Bad_Credit.html" href="http://www.paydaynextday.co.uk/What_Is_Bad_Credit.html" style="font-size: 11px;">www.paydaynextday.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.paydaynextday.co.uk/What_Is_Bad_Credit.html"><B>Bad Credit</B></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.paydaynextday.co.uk/What_Is_Bad_Credit.html"><P>People who manage to take out more credit than they can pay back and then use that debt to live are in 'bad debt'. Good debt on the other hand, is the sort that has a date by which it will be paid off. Someone who has savings but doesn't want to dip into them might take out a 'good debt' loan. Equally, someone who receives guaranteed bonuses might take out a <A href="http://www.paydaynextday.co.uk">Payday Loan</A> to spend a small portion of those bonuses early. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.paydaynextday.co.uk/What_Is_Bad_Credit.html"><B>Sub-prime markets</B></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.paydaynextday.co.uk/What_Is_Bad_Credit.html"><DIV>In recent years a certain type of loan became very popular in the US. This loan was called the self-declaring or no documentation loan and because people could say they earned any amount they fancied, they were nicknamed 'liar loans'. This kind of  <A href="http://www.paydaynextday.co.uk">Loan</A> was intended for people who were self- employed. However, anyone could get them and in they did, in their millions, borrowing way beyond their means, with no chance of ever paying their debts back.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.paydaynextday.co.uk/What_Is_Bad_Credit.html">This meant that US banks had given money to people who couldn't pay them back, they had lost money. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/2AE0923E-1F91-42D4-841C-F6E061648CD4/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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