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Released: December 23, 2011
Best and worst secured credit cards for 2012
Source: Peter Andrew, FoxBusiness.com
Millions of Americans have suffered financially as a result of the recent credit crunch, and many of them have been left with damaged credit reports. One way of starting to repair such damage is by obtaining a secured credit card. With these, you deposit a sum up front, usually a minimum of $200-$500, which normally becomes your credit limit. You then demonstrate financial responsibility by making regular on-time payments.
You may earn interest on your security deposit, though that’s unlikely to be over 1 percent per year. But in all but one case, you’ll pay much more interest than that on your outstanding balance.
Read Full Article: Best and worst secured credit cards for 2012
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