With the credit crisis, is it worth it to invest in a secured credit card?

I am interested in opening a secured credit card but thinking about it twice because of the funds i'd be locking in... is it really worth it right now to open one up?|||Stay away from credit cards. You'll thank me for it. I went from $15,000 in debt to having over that much in a savings account in just a few years and i did it by myself without paying any get out of debt fast scammers.





You just have to learn to save your money and budget a little. There are many financial books you can read for sale on Amazon.com for cheap.|||Your best credit card to build a good credit rating is one where you have your checking %26amp; savings account.


There are also credit unions that have better rates for credit cards and other financial accounts. They are usually located near your home, and that is a great way to build your credit.


I do not suggest ever paying for a credit card.


I suggest you always pay off the TOTAL AMOUNT of the monthly bill in full before the due date.





If you have more questions, just send them via this yahoo site.





GOD bless us always.


MBA-Boston Univ.


CPA-retired|||I have 5 different credit cards that all have a total credit limit of $59K. The companies gave them to me and upped the limits over the years. However, I only make about $20k a year.





Sooo...it all comes down to how you spend. My first card was through Bank of America...it was a secured Visa Gold card. I gave them $99, and they gave me a $500 credit limit. I used it so well that after 10 months, they gave me a regular Visa (unsecured) card and doubled my credit limit. The bank lady had never seen that before.





I don't know why so many people are scared of credit cards. With all of this credit...they haven't bumped my available credit down at all. I was not hit with a credit line decrease by AmEx, like so many others. Probably due to how the people paid their bill (for example, only paying the bare minimum on large balances).





My solution is very simple: don't put on a credit card what you don't currently have the cash for, presently. Or, what you will genuinely have the cash for soon, to pay the bill at the end of the month. It's best to pay in full to avoid interest. I use one main card and can get money back from the company every once in a while, because i use the card for purchases i would have made with a debit card or cash. Then you pay that off at the end of the month. Very simple. Not sure why people are scared of credit. I'm only 26 years old and I don't make a ton of money, but I try to be smart with what I can. People tell me a lot that they're "scared of credit cards because they would charge up too much." That's like an alcoholic sitting around saying, "I'll never quit" in front of a bottle. Clearly, we have the ability to make our own decisions, and make good ones. Why...why...do people act like they are stupid and will get in massive debt if they "get credit cards"??? I never will get that. Can't afford it, don't put it on it. I don't see how people got themselves into massive debt using that principle. It's stupid to me to even hear someone tell me that they'd willingly charge more than they can afford, and that's why they're "scared" of credit cards and *will* for sure (not 'might', not 'maybe', but for sure) charge up more than they can pay by stating that with their own mouth before they get the card with a $0 balance on it. That is pure stupidity to me. It's about self-control, and apparently people are scared to learn self-control. It's not that hard.





So while a lot of these people are 'scared' of credit cards and don't have any - they can't get a mortgage with poor/no credit and/or a low credit score. Which, conveniently enough, credit cards contribute massively to. Watch your overall debt to credit ratio: it should not exceed 30% of your entire credit line in total (if multiple cards or a single card)....that helps you keep a good credit score.|||If you have no credit or bad credit, you will find it difficult to get a credit card in the current economy. A secured credit card may be your only option, if you want a credit card.





I suggest that you don't get more than a $500 limit. Use the card and pay it in full every month. In a year, you should be able to convert the account to a regular account or apply for a regular credit card.|||If you don't need a credit card......don't get one. Simple as that. I can see having one for emergencies, but having 2 is really dumb.


It's not worth being another contributor to the bad economy if you can help it.