Credit card companies that issue bad credit credit cards have been getting a lot of bad press over the past few years. Extremely high interest rates coupled with higher fees than your average credit card make them an easy target for those that believe these products are "evil" and should either be done away with for good or regulated even more than they already are. While credit cards for bad credit certainly have higher interest rates and fees than most consumer credit cards, the reality is that they actually provide a much-needed service for millions of Americans trying to rebuild their credit. Without them, a huge market of consumers would be left underserved. But why do the interest rates and fees have to be so darn high? It's not rocket science— the answer is quite simple to understand.
Elisabeth Chan is Creditnet's resident card expert. Elisabeth graduated Magna Cum Laude from Brigham Young University's Marriott School of Business.
When she's not rating and reviewing credit cards, Elisabeth enjoys gushing over her 1-year-old daughter (who is her exact clone), eating out (sushi and Chinese are favs), or attempting to conquer the pilates reformer machine (so far, all attempts have been futile).
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