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Secured Credit Cards

If more and more people are getting in trouble with credit cards, why isn’t the secured credit card encouraged more? Wouldn’t credit card companies be helping people if they marketed secured credit more? I only heard about secured credit cards after it was too late.

Posted from: Ontario

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One Response to “Secured Credit Cards”

A licensed trustee said...

Well, the banks and finance companies don’t charge anywhere near as much interest on the secured cards so they have no incentive to promote them. In fact, most banks are quite aggressive at switching you “back” to a regular credit card after a year or two.

It’s all about the profits – regular credit cards produce HUGE profits.

You have to ignore their advertising about “helping people” – they really want to help themselves…