The state of the economy in 2010 has prompted lenders to change the way they do business and this does not bode well for folks with bad credit.

In better financial times, credit card companies frequently made offers of 0% interest for 12 to 18 months.  Often these same offers were available to subprime candidates, or those with less than desirable credit scores.

Times have changed.  These introductory rates are getting harder to find and when you do find them, the number of months at the special rate is more like six months or less rather than the 12 to 18 months of yesteryear.  For those with bad credit, introductory rates of 0% are virtually non-existent.  Even if you find a decent introductory rate with bad credit, you can bet that your rates will skyrocket after the honeymoon.

Folks that fall into the high risk category should be careful not keep a balance on their credit cards for too long.  If you are lucky enough to find a decent intro rate, take advantage of it, but be sure not to get stuck with a high balance and sky high interest rate once the special offer period is over.

2010 will be tough on people with bad credit.  It’s not too late to resolve to make this year your year to improve your credit score.