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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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