7 Ways to Spot a Bad Credit Card

Paying the Consequences

People saddled with bad credit scores don’t have many options when they find themselves in need of a new credit line. Subprime credit, after all, is characterized by higher interest rates, penalty APRs and heightened annual fees than the terms offered to the more creditworthy consumer. The less-than-favorable terms and conditions aren’t necessarily an attempt to steal a consumer’s money, though. “There are many subprime lenders that are trying to do things by the letter of the law to help people who can’t get credit otherwise,” Bruce McClary of Clearpoint Credit Counseling Solutions tells MainStreet. He explains that the additional fees and higher interest rates are just a consequence of an applicant’s inability to pay their bills. However, McClary adds, there are also many predatory lenders out there looking to make a buck off of consumers’ credit woes. Photo Credit: xJasonRogersx