Secure Prepaid Credit Cards to Rebuild Your Credit!
It has been drummed into many people's ears that having bad credit is one of the surest ways to live a life of financial struggle.
This is because our entire financial system is built on credit.
It is therefore easier for someone to just whip out their plastic card and make a purchase that they could otherwise not afford with their regular wages.
The availability of easy credit has been to many, a ticket to a life that is well beyond their means and most often, a crushing financial disaster later.
Unchecked credit card debt invariably leads to shattered credit and an inability to secure more credit in the future.
But regardless of the extent of the credit ruin, it is possible to enact a few steps that can get it back up again.
Lack of disciplined credit card spending can lead to disaster Again, the ease in which people with little or no financial education whatsoever have been able to get credit has been astounding.
We all remember how credit card companies bombard us with card offers especially when one enrolls in college.
For many, this was an avenue for them to spend beyond their means and even their ability to pay.
While wise students used this opportunity to build up their credit, many others joined the ranks of those who had defaulted and messed up their credit.
Credit allows one to purchase way more than he can actually afford and the low monthly payments give the illusion that all the spending will ultimately be "taken care of".
Unfortunately before Congress enacted the law compelling credit card companies to disclose their fine print to all applicants, many people were ensnared by ridiculously high interest rates especially if they did not make timely payments.
There's a way to pay off card debt and rebuild credit Because the FICO credit score awards points to people who have as many open accounts that are in good standing as possible, many people stocked up on credit cards.
Many completely disregarded the interest rates which were unreasonably high especially when one defaulted.
As a consequence, millions of people trashed their otherwise prime credit and accumulated unhealthy debt.
But there are ways to restore this.
One of them is to get a secure credit card.
These are also known as prepaid credit cards.
These cards have become very popular owing to the fact that they cushion one against unhealthy borrowing.
This is because our entire financial system is built on credit.
It is therefore easier for someone to just whip out their plastic card and make a purchase that they could otherwise not afford with their regular wages.
The availability of easy credit has been to many, a ticket to a life that is well beyond their means and most often, a crushing financial disaster later.
Unchecked credit card debt invariably leads to shattered credit and an inability to secure more credit in the future.
But regardless of the extent of the credit ruin, it is possible to enact a few steps that can get it back up again.
Lack of disciplined credit card spending can lead to disaster Again, the ease in which people with little or no financial education whatsoever have been able to get credit has been astounding.
We all remember how credit card companies bombard us with card offers especially when one enrolls in college.
For many, this was an avenue for them to spend beyond their means and even their ability to pay.
While wise students used this opportunity to build up their credit, many others joined the ranks of those who had defaulted and messed up their credit.
Credit allows one to purchase way more than he can actually afford and the low monthly payments give the illusion that all the spending will ultimately be "taken care of".
Unfortunately before Congress enacted the law compelling credit card companies to disclose their fine print to all applicants, many people were ensnared by ridiculously high interest rates especially if they did not make timely payments.
There's a way to pay off card debt and rebuild credit Because the FICO credit score awards points to people who have as many open accounts that are in good standing as possible, many people stocked up on credit cards.
Many completely disregarded the interest rates which were unreasonably high especially when one defaulted.
As a consequence, millions of people trashed their otherwise prime credit and accumulated unhealthy debt.
But there are ways to restore this.
One of them is to get a secure credit card.
These are also known as prepaid credit cards.
These cards have become very popular owing to the fact that they cushion one against unhealthy borrowing.
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