In today's troubling and stressful economic times, New York residents are finding themselves facing a stalemate in regards to their overwhelming credit card debt. If credit card debt has gotten the best of you, and creditors no longer trust you with a line of credit, there are still ways you can repair the financial damage.

While bankruptcy might make you unattractive for creditors to issue you unsecured credit cards, secured credit cards are still an option. With secured credit cards, you make a payment up front, and most of that payment becomes your credit line. That way, the creditor has some collateral if you find yourself unable to pay off expenses that you charged to the card. This is also a way for an individual to prove they are financially responsible without putting the creditor at risk of loss.

This is a great option for those looking to clean up their credit record -- especially if you choose a card that reports to all three major credit bureaus. However, like unsecured credit cards, there are some secured credit cards that are simply a rip-off and will do more harm than help.

One must look at not only the APR the creditor charges you on outstanding balances, but also monthly fees, which are common for secured credit cards and not with unsecured. For instance, the Applied Bank Platinum Visa might seem like a great deal as it charges 0 percent APR on outstanding balances. But upon a closer look, it might not be the smartest way to go as they charge $119 a year in monthly fees.

You will want to find a happy medium -- a reasonable APR paired with reasonable monthly fees. Consumer Action recently deemed the Orchard Bank Classic MasterCard and Orchard Bank Visa Classic as some of the best secured credit cards offered. They boast around 8 percent APR on outstanding balances and annual fees ranging from $29 to $59.

It might appear that all secured credit cards are similar and competitive, but that is not the case. There are some that will simply abuse the consumer. Some companies have charged up to 49.9 percent APR in addition to hefty monthly and yearly fees. While you might be eager to rebuild your credit, signing on with one of these companies out of desperation is not a good idea.

Source: FOX Business, "Best and worst secured credit cards for 2012," Peter Andrew, Dec. 22, 2011