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February 13,2009

  • Secure Your Credit Future w/Secured Cards, Pt.1
      The advantages.

    Secured credit cards aren't for everyone but, they're a God-send to many. They act just like conventional cards but don't carry the liability of unsecured (traditional) credit cards and, they're much easier to qualify for. The reason...they're secured with your money. By putting your money in deposit, you know it's safe. No one's going to touch it, not even you. Your cash isn't what's being used when you place credit card purchases, it's stored in a safe place (in case you ‘really blow it').

    Just like conventional credit cards, you pay finance charges by not paying in full each month. You have penalties for missing payments. Irresponsible credit behavior can still damage your credit. They're not a panacea for bad habits but, they're perfect for getting into the game and building up a healthy credit rating for much better options in the future. They also serve as a protection for credit card consumers who aren't sure they can handle the temptation of unbridled spending. All it takes is a $200 to $300 deposit to get you going. Provided you handle credit responsibly, there's very little risk to anyone and, if done right, overhead is small.  Here are some of the advantages of secured credit cards:

    • Establish good credit rating: Great for someone just starting out. Learn the best practices for credit card borrowing in a safer and more controlled environment.

    • Reestablish good credit rating: If you're down and out and plagued with old problems from the past (like a bad marriage or mis-dealings that wiped out your credit rating), this is a viable means to re-establish your good name. You're already beginning to prove yourself by taking this first step. Better offers are on the way.

    • Establish good debt protection: If it's been tough protecting you from you, here is some incentive. Your cash deposit is safe as long as you don't get reckless. You'll probably be more mindful of what's on the line and think twice about going wild.

    • Escape rip-off alternatives: There are many alternatives out there but, there are trips to almost all of them. Alternative lenders will cleverly take advantage of you, costing much more than you should be paying. Hidden fees and rates are disguised by, what looks like a ‘good deal'. Particularly stay away from offers laden with hidden high fees. You can easily be taken for hundreds of dollars per year with these schemes and think ‘that's just the way it is'. It doesn't have to be.

    Continued...
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