Avoid Bad Credit Credit Cards

If you have had bad credit, credit cards you may want to submit an application for a credit card but there are many downsides to making such a decision and can end up costing many thousands of pounds extra in interest alone.

I cannot stress enough that it may be an idea to avoid bad credit, credit cards at least to begin with. Credit cards are not really essential and with any bad credit, credit cards especially you could end up paying “through the nose” in interest alone and that is without paying back the repayments.

The temptation can be great to obtain “plastic” in case of emergencies or perhaps for everyday spending but I would strongly suggest to avoid bad credit, credit cards because even though lenders may mean well, they are there to make money and thousands extra can be made just by an individual perhaps not being as fortunate as others.

There are many lenders who could still prove to be very competitive but bad credit, credit cards are designed to charge more than the average credit card and when it is worked out over the space of a year the interest charges can almost be double as a result of having a poor credit rating. Of course, lenders can get away with this because any individual with a bad credit rating is classed as “high risk”.

Just think, a typical credit card charges 19.9% compared to a bad credit, credit card which is around 39.9%. It may seem prejudice if you have suffered from bad credit to be charged such a high interest rate and this is why I suggest avoiding such action until your credit rating has greatly improved.

If you wish to apply for bad credit, credit cards then this could prove a benefit to you but I would suggest searching around for the best deal possible if you want to submit an application because whilst the rate is higher than that of a typical credit card, you may still be able to obtain a reasonable deal which is in line with your circumstances.

Many lenders will try and get you to sign up for bad credit, credit cards but I would say that you only do this when you feel 100% happy to submit an application knowing that the rate could be significantly higher than average. Overall, a bad credit rating does not take long to repair itself and therefore would consider waiting until your credit rating begins to improve.

Once a credit rating does start to improve and be maintained then it is less likely for you to need to require for bad credit, credit cards, you will be acceptable for typical credit cards with more competitive rates.

Always remember that a bad credit rating will not remain forever, it can take around a year to be cleaned up but a credit card is not essential and therefore would be worth the wait if you can save money on interest in the long run.