To many individuals, their credit rating may just be an arbitrary number that sums up their financial standing, but in reality it is an important number that speaks to an individual’s financial health. Many things can prevent people from getting the financial help they need. Lenders aren’t going to give their money to people in a bad financial situation for fear that they will never see that money again, yet those people are often the ones most in need of money to help solve or avert financial problems.

When You Need a Line of Credit

When individuals are facing financial challenges, it becomes difficult to overcome these hurdles without cash. Unfortunately, those who desperately need a loan are almost universally denied loans by banks and other traditional lending institutions. They usually have access, however to credit cards, which are both a source of financial strength and a potential financial pitfall. With fewer retail and other businesses accepting checks these days, credit cards are a must for any individual wishing to pay for goods and services. What options are there?

There are actually a wide range of credit cards available to help individuals pay for goods and services. The purpose of any credit card is to allow individuals the access to credit they need without risking further damage to their credit rating or debt they cannot handle.

Credit Cards That Can Work for Your Situation

The credit card request process is quick and easy. To get the credit card request process started individuals need only provide the following information:

• First and last name
• Desired loan/credit amount
• Email address
• ZIP code

Once a request process has been started individuals will need to choose between the various types of credit cards. There are several different types of these cards available, and the type that an individual chooses to obtain will depend upon just how fragile their financial standing is. The typical options for credit cards include the following:

• Prepaid credit cards
• Secured credit cards
• Debit cards

Not every type of credit card will be a good option for every individual. A brief look at these three main types of cards should help any individual determine which card can help for their financial situation.

Prepaid Credit Cards

A prepaid credit card is exactly what it sounds like. Individuals deposit a set amount of funds directly onto their card and are free to spend with the card just like any other card. However, the card is no longer usable once the individual uses up all the money on the card. This type of card may help those trying to build a credit rating, as not everyone has cash in hand to deposit onto a card to begin with. Prepaid card users should be aware though that these cards often carry high fees, so it is important to spend wisely.

Secured Credit Cards

Secured credit cards are often issued by banks or credit unions and require individuals to open an account with the institution and deposit funds in the account. These funds are held as an insurance of sorts by the bank in the event that bills cannot be paid. Just like prepaid cards, secured cards carry high fees as well.

Debit Cards

Debit cards work differently than both of these. In order for a debit card to work individuals must already have funds in the checking account attached to the card. When a purchase is made the money is drawn immediately from the account. These cards are also good for those with bad or no credit because it limits their spending to the money they currently have.

You Can Get the Help You’re Looking For

Credit cards are issued by all the major credit card companies across the world, such as Visa, MasterCard and Discover. Most of the companies report to credit bureaus on a monthly basis, meaning consumers can swiftly improve their credit rating while working their way out of debt with a credit card.