Bank finance articles and tips

A bank secured credit card is a great tool for individuals that need to enhance their credit history or have no credit history and need to start creating one. Secured cards require an upfront cash deposit but you can actually earn interest while your money sits securely in a savings account. That savings account is the banker's guarantee that the money they lend to you will be paid back as agreed between you and the lender....

A Debt Management Plan (DMP) is an effective way of turning several unmanageable monthly credit agreements into one single affordable repayment. A DMP (or debt management program as it is sometimes called) can help anyone to manage their debts when they are unable to meet agreed repayments to their creditors due to financial difficulties. It won't write off your debts but could enable you to repay them over a longer period with lower monthly repayments.

Debt management plans are not legally binding; they are an informal arrangement between you and your creditors (the lenders you owe money to). This means you could cancel your program at any time. However, this also means that your creditors are not required to accept your proposals for lower repayments and/or a reduction in the amount of interest or charges payable.