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I have a bad credit score and have racked up a lot of debt. Is there an unsecured credit card with reasonable rates that you can recommend?

By , CardRatings contributor
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Question: I need a credit card that doesn't require a deposit. I have a bad credit score and have racked up a lot of debt. Is there a credit card with reasonable rates that you can recommend?

Answer: If you have bad credit, then I'm afraid your credit card options are limited. You say you don't want a card that requires a deposit (this is called a secured card).

Honestly, given the details of your situation, you might consider taking time away from credit cards and focusing on paying down your debt. As you pay down your debt, your credit score will start to recover. When your credit score is in the poor range, it's difficult to get good deals on credit cards. You could end up with credit card offers for bad credit with a very high APR. If you carry a balance, your debt will increase rapidly once you're paying high finance charges.

Since you feel strongly that you need an unsecured card that doesn't require a deposit, I get the feeling that you're having trouble making ends meet. This happens to a lot of people so you're not alone. If this sums up your situation, consider credit counseling. Start by contacting the National Foundation for Credit Counseling, which is a national nonprofit credit counseling network. The NFCC has member agencies around the country. They can help you develop a plan to pay down your debt and get control of your finances.

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