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Subprime Vs. Secured Credit Cards
By Groshan Fabiola
If you’re credit score has plummeted recently, you will find that it is extremely difficult, although definitely not impossible to get a credit card.
It can be done, just expect to pay colossal amounts in fees and monthly charges.
The thing with getting a credit card with a bad score is that the industry thrives upon these people, so desperate to get a line of credit that they will overlook the horrible terms and conditions of these credit cards that often times just make their financial situation a whole lot worse than it already is.
When you have a low credit score and are looking to get a credit card there are normally two options available to you – a subprime card and a secured card.
Although consumers are fooled everyday, a secured credit card is definitely better than a subprime card – almost under any circumstance.
Subprime cards are never really a good idea, and they normally charge ridiculous amounts in fees and maintenance charges.
But many people do not realize this.
A February 27, 2007 article by Gregory Taggart of Bankrate.com, “Nobody’s ready for subprime time,” discusses the drawbacks to taking out a subprime credit card and how taking out a secured card is the way to go.
“Why would consumers who have debt trouble opt for a fee-laden subprime credit card rather than a less expensive secured credit card? ‘Marketing. Marketing. Marketing.’ That's how Travis Plunkett, the legislative director of the Consumer Federation of America, responded when asked the question. According to Plunkett, subprime credit card issuers are wizards when it comes to identifying customers who are so desperate for a credit card that they'll apply for a card even if it's against their best interests.”
The people behind these cards know how to prey on people to
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