Bad Credit Credit Cards – Get an Attractive Interest Rate in 2010
Posted on | January 5, 2010 | No Comments
A bad credit credit card is a way in which you can get some extra spending money even if you have poor credit. If you are looking to get an attractive interest rate in 2010 you are going to find great difficulty. The credit crisis has greatly changed the overall process of lending money to bad credit borrowers. It is no longer the case that bad credit borrowers can borrow money at cheap rates.
In the past, prior to 2007, there was a very good opportunity for bad credit borrowers to get credit cards at very low interest rates. Many of us remember receiving credit card offers in the mail almost daily. These offers gave borrowers are 0% APR for up to 18 months. This is not likely to happen again in the near future as credit card companies are much more strict with their lending practices.
There are opportunities when it comes to getting bad credit credit cards but please understand that your interest rate is not going to be as low as you would probably like. If you are looking for an interest rate below 15% on your credit card then you are out of luck. With a credit score below 640 there is no way you are going to get an interest rate this low.
There is a chance that you could get a low introductory rate APR for six months but this is probably as long as it will last. Please understand that after this six-month period you are going to see your interest rate drastically increase. Some credit card holders are seeing that the interest rate is going all the way above 20% after the introductory rate period.
Before you decide that getting another credit card is right for you it is important to step back and look at your current financial situation. If you are finding it very difficult to make ends meet and you have not paid all your bills in the past then it is a good idea to tackle your debt before getting another credit card.
Author: Tiffany Mann
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