Perhaps the biggest problem with the economy right now is that people have got to use credit so that they can pay household bills and even to pay for food. This means that the monthly charges for the credit card get higher and higher until you can no longer afford them and your credit rating goes right down. After this happens your interest rates are going to rise and this means your payments go up again, it’s a bad stage to get to. It is then almost impossible to get another credit card when you have a bad credit score.
You could apply for a debt consolidation loan to lower your monthly payments and interest rates, but these don’t help your credit score. There are times when we all need to use a little bit of credit, but in these case you will not be able to use a normal card. Credit cards give you quick access to money, as well as roadside assistance, travel insurance, cash back and many other incentives that you will not get with secured debit cards.
For people who find themselves in this situation the perfect solution could be the Imagine Credit Card. This credit card is unsecured and is available to people who have got poor or bad credit ratings. This card starts you off with a low limit, around about $100 in most cases. You can add more of your own money to the account so that you have got instant access to more money and Imagine extends you credit too. Every time you spend money on this card and pay it off your credit limit will raise up a bit. The greatest thing about the Imagine credit card is that each time you make a payment it is reported to the credit reporting agencies so your score goes up.
Most people will have to start off with the regular Imagine credit card, but it isn’t going to take long to work up to the Gold and Platinum cards. Many people have managed to get to the Platinum card in less than a year.