I must admit I'm not familiar with exactly what you mean by a secured credit card.

Generally though, there is nothing illegal about taking new credit whilst in Trust Deed as long as you have been honest about your situation if asked when applying. Whether it is a good idea is another question...

Welcome to the forum themolsshow.

I'm also unfamiliar with that term.

Is it a card that you have to preload with funds before using it to buy something?

hi ,

its just a normal credit car but i had to pay a security deposit to get the card because of my credit rating . it would only be used for emergency use only . Thing is i have only just thought am i allowed to take out a credit card or not ??

thanks

Hi.

As Kevin says, provided you've been truthful in your application being in a trust deed doesn't mean you cannot apply for and use credit.

Is it a good idea? A different question I suppose.

Hi ,

Its only not a good idea if you go mad with it . All my debt was from council tax from my old house which was coming off as a wage arrestment and on top of that was council tax for my current house plus rent it was all to much . Im not silly when it comes to credit cards etc .

It's a very personal choice themolsshow.

I think if we asked around our members you'd get a huge range of opinions about the balance of the risks and benefits that would apply for them.

Hi themolsshow,

I think if someone is careful with a credit card then it can be a useful thing to have but the key is being careful. It's very easy for things to run away and get out of control.

I went years without the need for a credit card or it even entering into my head. Eventually I decided to get one and it's something which I find useful. I'm as careful as I can be and only once in the last 5 years have had to balance transfer because I was lazy in paying the balance when the interest fee period came to an end.

I like having a credit card for the protection that it provides when buying large items, paying for holidays or anything else like that. It also helps with the credit rating aspect.

I remember when I was a lot younger, I think 15 at the time my older cousin was 19 and received a credit card in the period between Christmas and New Year. I remember us going shopping with it and him spending a crazy amount of money on it in one day. I had no idea how all of it worked and I don't think he did either. Later on down the line he told me he spent £1,500 on it and his parents cleared the balance, cut up the card and made him pay them back.