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Secured Credit Cards Are A Rip Off
It is getting harder and
harder to get by without a credit card. Credit cards can sure help
in an emergency, like when your wallet and gas tank are both empty.
Or when you need something you can't afford to pay all at once, like
car repairs. What about the Saturday nights you want to go out, but
payday is not until Wednesday? What about the holidays?
There are two kinds of
credit cards: secured and unsecured.
Unsecured cards are real credit cards.
The money you borrow is the bank's money.
With secured cards, you have to pay the
amount of your credit limit up front. This makes no sense because
you are paying interest to use your own
money!
Credit card companies prey
upon people with less than perfect credit by making them think they
can only get a secured or
"prepaid" card. Think of all the profits they make charging interest
on money that doesn't even belong to them.
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