We've all seen those commercials offering great deals with the promise of "no credit, no problem!", but what does this really mean for your financial well-being? Is this a scam or a good way to establish credit? Carmen Wong Ulrich of CNBC's On the Money sets the record straight:

If you have a question you'd like Carmen to tackle, post it here in the comments or email us directly at ivcommunity@mail.ivillage.com

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Watch Carmen Wong Ulrich's 'On The Money' Weeknights at 10PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.