Today's post is about the holy grail of financial tips and tricks- the secured credit card.
For those who don't know, secured credit cards are basically prepaid credit cards. They aren't very hard to get, essentially a consumer would just put down a base amount that they can spend on the card, and is kind of works like a debit card in the determination of how much credit on that card you can use.
These cards are often used to help reel in out of control spenders, and help people get back on track to a healthy credit profile. It can be the number one tool in your arsenal that you can use to power up your credit score!
In the legal field, i hear about secured low interest credit cards frequently. They help borrowers save money on interest, help rebuild their credit, and also can help debtors save and prevent late payments. These cards can even be used to pay ones child support on time, which helps to avoid pesky interest charges for late child support payments! (Double win)
However, the secured card isn't the end all be all. Its still always important to ensure that you are paying your card on time, and checking your credit as you build it up. Also, being strategic with your monthly payments can help give you a boost to your finances and credit profile, but again you are still required to be accountable for your own financial actions. So next time you file bankruptcy, or want to build up your credit....think about a secured card. It could help!
You guys stay safe out there!