We’ve all been there. Good intentions + bad circumstances = bad credit! The next thing you know, you find yourself in need of credit but no one is willing to grant you any. It is quite the conundrum.
How do you combat this? With secured credit cards, that’s how. Yes, no matter how bad your credit rating is today, chances are, you will qualify for a secured credit card.
A secured credit card is funded and secured by your own money. You are required to deposit money into a savings account that is held as security to back up any purchases you make to minimize a financial institutions losses in the event that you default on your obligation to pay back the debt.
Several banks and financial institutions offer secured credit cards with varying terms and interest rates. In the future I will profile some of the best secured credit cards available.