Why do people use secured credit cards?
Question: You have to tie up a minimum deposit, pay an activation charge and high yearly fee to use your own money.Pay late and there is an interest charge for using your money.
Even with bad credit you can open a bank account and get a Visa check card where you are in control and there are no bills or fees.
The only instance I can think of is someone who bounced so many checks that they can not even get a checking account.
Answer: Way back in the day, you had to actually be credit-worthy in order to get a credit card. Now, they’ll issue a credit card to my beagle, now that they used their crooked congressmen to pass a bankruptcy law that can trap the un-credit-worthy recipients of their credit cards. The credit banks have it both ways. They take no responsibility for giving credit cards to people who shouldn’t have them, and they repossess your grandma if you miss a payment. Ain’t corruption grand?
Anyway, back to the question. I don’t know why anyone would use a secured credit card now, but it used to be necessary to build or rebuild your credit. You can get a real credit card to do that these days. It will probably have a usurious interest rate, but pretty much anybody can get one.
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Filed under: Bad Credit Loan
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