When the economy hit, a lot of people were laid off, low on money and having a hard time keeping up with their bills. When these situations happen, the credit card companies aren't doing too well and they are pretty uptight about who they accept for credit card applications and are leery of who they lend money to. They don't want to take the many risks of lending money to people who won't be able to pay them back.

Also, you will find that when the economy is doing bad, there are more and more secured credit cards being applied for. Whether the people have ruined their credit due to not paying on time, skipping payments or not paying at all, they somehow need to raise their score again so they can get accepted for credit cards and loans once again.Secured credit cards are great in many ways and help tons of people each year get on the right foot again. If you're interested in getting a secured credit card, here are a few reasons why you may want to consider one.

Discipline: When you have a secured credit card, you are forcing discipline on yourself. This means, if you don't give the banks your money ahead of time so they can put money on your card for you, you won't have any money to spend. It is good to re-learn discipline and to take these good lessons and to use them in your future when you do get another credit card. It teaches you not to spend money if you don't have it.

Boost score: If you currently have a bad credit score, this is one of the few ways you can help raise it. You don't have to live with a bad score forever, so take the time to improve it once again. When you show the banks that you're disciplined and only spending money you have, your score will go up over time because you don't be bringing on new debt and you won't have the chance to pay late or miss a payment like you could have before.

Regain trust: This is a great way to regain trust with the banks. Over time they will see that you're using your card wisely and that you're doing everything you can to help improve your score. There isn't much you can do when your score is bad, so taking this step alone is going to help you.

No debt: As stated above, you won't be able to bring on anymore debt. If this was a big problem for you, it shouldn't be now. You can only spend the money that you've given the bank to put on your card. If the card has no money, guess what, you can't spend any. This is what you probably need more than anything, a chance to stop racking up debt.

Debt, paying late and not paying at all will kill your credit score. If you've done some of these in the past you will notice that your score probably isn't as good as it could be. Everyone has the opportunity to have a perfect credit score, but unless you have the discipline, you won't have that score you want. So, to get yourself where you want to be, be sure to consider a secured credit card!