Bad Credit Unsecured Personal Loans and Credit Cards See Higher Interest Rates in December of 2010
Posted on | December 13, 2010 | No Comments
As the 10 year treasury rate yield continues to rise it is the case that almost all money borrowed will see higher interest rates in the very near future. In December of 2010 we have seen interest rates rise to 4.75% for good credit borrowers on a 30 year fixed mortgage. With this being the case it should come as no surprise to see bad credit unsecured personal loans and credit cards with much higher interest rates.
For borrowers looking to take out a little extra cash during the Christmas holiday shopping season it will likely come at an extra cost. Over the past several years it has been the case that personal loans have an interest rate between 12% and 18%. Even though there are still many opportunities to receive interest rates and this level do not be surprised to see bad credit personal loans with interest rates in excess of 20%.
When it comes to a bad credit credit card many customers are finding that interest rates are increasing quite quickly. In December of 2010 many customers have reported an interest rate well above 20% even with a credit score well above 700. If this is the case then there is no doubt that bad credit score borrowers are going to see interest rates towards 30%.
Before making any decisions when it comes to borrowing money for Christmas holiday expenses it is always a wise decision to step back and look at a weekly or monthly budget. By creating a monthly budget customers will better understand where their money is going which in turn will likely help them avoid high interest rate credit card or personal loan debt.
When taking out any type of bad credit credit card or personal loan it is always wise to complete due diligence and research. Their many financial institutions throughout the country that will help customers when it comes to borrowing money bought it is important to get several interest rate quotes for accepting any credit card or personal loan and the current economic environment.
Author: Heather Best
Tags: Bad Credit Credit Cards > bad credit loan interest rates > bad credit loans > bad credit personal loans > Bad Credit Unsecured Personal Loans > personal loan interest rates
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