Professor Lawrence White discusses the risks of unsecured credit cards for consumers
— February 22, 2018
Excerpt from WalletHub -- "If someone desperately needs credit, then an unsecured credit card may make sense; but the risks are that he/she will find repayment difficult, and then will face mounting late fees and penalties, which can greatly increase the debt burden. Further, he/she ought to explore other (potentially lower-cost) possibilities, such as borrowing from a credit union -- or even borrowing from friends or family. If he/she does use the credit card, focusing on repayment as soon as possible can help reduce the burden of those fees and penalties."