Secured cards are often misunderstood. And while they are an awesome tool to use to rebuild credit, there are other advantageous uses for them as well.
For example, a secured card allows you to put a shine on your credit and raise your credit score WITHOUT going into debt. People are often credit shy after having lived through a debt problem but being afraid of debt or credit doesn’t help you to recover from a past financial pothole.
With a secured card your deposit will cover you balance in case you run into an unexpected financial situation. If the balance is there to protect you, there is no debt for whatever balance you may have but be unable to pay for an unexpected reason.
Secured cards rebuild credit by reporting to the credit reporting agencies each month.
The secured card can help control a budget since it limits what you can spend.
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