There's a type of credit card designed to offer a bit of help with the bills just when you need it.
Generally taken out by people already in debt, sometimes without jobs, used right a sub-prime card could save your finances.
They're also frequently the only card people already struggling can get hold of.
But there's a problem. In reality people simply don't use them the way they planned, according to new research form StepChange debt charity.
StepChange chief executive Phil Andrew said: "If people are stretched, financially vulnerable, and sometimes desperate, then of course they’re going to turn to whatever short-term means are available to help them cope.
"Yet far from being a lifeline, sub-prime cards currently are often a very expensive debt trap in the long term – sometimes far exceeding the costs of payday loans.”
StepChange found almost four in five of its clients (79%) with a sub-prime card said it had made their situation worse.
Nearly a fifth (18%) were unemployed when they took out the card, while 47% were already in financial arrears.
And after they got them, more than two in three (68%) said they borrowed more than they expected.
While they're cheap if you pay them off fast, you can be stung with interest of 70% a year if you don't.
"Our research points to a vicious circle," Andrew said.
And if lenders can't be trusted to offer loans responsibly, that means it's time for the regulator to step in.
"Given the strong link between sub-prime credit cards and problem debt, it’s time for the regulator to take specific action in this part of the credit card market," Andrew said.
"Given the strong link between sub-prime credit cards and problem debt, it's time for the regulator to take specific action in this part of the credit card market."
To fix the situation, StepChange is calling on the Government and the FCA to
Increase statutory minimum credit card payments for new cards to the level required to clear debt without excessive cost
Strengthen creditworthiness and affordability assessment rules for revolving credit to ensure the rules work effectively for sub-prime products
Make it compulsory for firms to implement new tools to make the cost of borrowing more transparent and accelerate repayment among those who can afford it
End the use of unsolicited credit limit increases, and require firms to use an opt-in system for credit limit increases
Examine and act on consumer harm linked to so-called credit builder products through the recently commenced credit information market study
Explore backstop measures to address excessive costs by suspending interest charges for consumers in persistent debt and limiting the cost of credit to 100% of the amount borrowed, in line with comparable high cost credit products.
