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by Zulika van Heerden

Credit cards are classified as unsecured loans. Unsecured methods of debt consolidation are among some of the most available debt consolidation options out there because they don’t require you to secure the debt against anything. This is in contrast to secured loans such as mortgages which require you to put something up as collateral or security.

However, unsecured loans have a major qualification in the form of a good credit rating. You’ve got to have a healthy credit score before you can even consider getting a credit card with a decent interest rate. If your credit score is bad enough that you can’t get a good credit card anymore, there’s a fix available for your situation. The solution comes, as ironic as it might sound, as a bad credit card.

 

Why Bad Credit Cards?

Now, don’t take the term the wrong way. ‘Bad’ credit cards aren’t bad per se or detrimental to you and your credit score. In fact, they could be just the opposite when used correctly.

They are just called that way because they’re specifically targeted for people who have bad credit histories or a bad credit rating. As you might expect, they don’t require much besides an application form. You can easily acquire such a card and many banks and financial institutions offer them.

The only drawback with these cards is that they have a higher variable interest rate than the usual cards. That means you’ll have to make prompt and regular payments for your cards. But besides saving yourself from the interest, there’s another important reason for you to make prompt payments, as you’ll see later on in this article.

Being Bad to Be Good

Because they have few requirements, these cards are the easiest (and perhaps the only) available option for you. And getting one could hold the key to a better credit score.

Get yourself such a card and then do some light spending on it. Pay a couple of utility bills, buy yourself an inexpensive outfit, just do anything to use up a little of the credit extended to you. Then when the bills come, pay them as quickly as possible; don’t let the deadline dawn without your having paid your dues. Repeat this process every month.

What this does is it establishes you as a debtor who pays promptly. Your credit company will notice the pattern and, pretty soon, so will other creditors. By using up just a little of your credit line, you make sure that the costs are still easily payable at the end of every month and that you don’t get hurt by the higher-than-average interest rates.

Using this technique won’t improve your credit score overnight, that’s for sure. You won’t get any noticeable effects for about six months and it could take about a year for the paying pattern to nurse your credit rating back to health.

 If your loan- or debt-related needs aren’t immediate or very urgent, taking this course of action is well worth the effort for its benefits on your credit score. That same credit score will be key in getting better terms on your next credit card or, indeed, just about any other method of debt consolidation available.

For more on debt consolidation see below :

-Credit Card Debt Secrets
-Steps to Eliminate Credit Card Debt
-Debt Free Living
-Lowering Your Debt For Life
-Are your debts keeping you awake at night?

To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

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