LisettaKnotts18

Credit Cards After Bankruptcy - As much as we all would want to avoid having to file bankruptcy, sometimes for some people there really isn't any other option, when this happens  these people often start worrying about such things as the obtaining of the good credit card after bankruptcy.

However regardless to what some may think obtaining a credit card after bankruptcy isn't impossible. You will find companies willing to provide this although normally you may expect high interest rates and additional  annual fees.

Best Credit Cards After Bankruptcy - One the reasons companies will offer credit cards after bankruptcy is the fact a person cannot file for bankruptcy for at least seven years following your initial action continues to be discharged.

Thanks to this credit card issuers have a legal recourse to use to collect any debts the credit card holder may end on top of. Credit card debts are usually unsecured, however when someone cannot declare bankruptcy, wage attachment can be used by the company to obtain back  their money.

After Bankruptcy Credit Cards - Although these credit cards are available after bankruptcy they could be a risky option for some. You won't just be dealing with higher rates of interest but you will be charged on late payments and also this can quickly add up.

Charge cards After Bankruptcy are very frequently offered by companies supposedly being an option to help rebuild ones credit rating. People will very often pick prepaid credit cards up in the hope of getting back on their feet. This really is despite the fact that total annual fees can occasionally even equal that of their initial borrowing limit.

For some things quickly become worse and worse

To set things into perspective let's say for example your credit card after bankruptcy annual fees are $290 and your initial credit limit was $300, should you be only one day late for a  payment you can expect normally to end up paying $30 being a late fee.

Subsequently this would push-up the liability to $320 which would cause another $30 fee if you are over the limit, which means that the credit card holder would are in possession of a debt of $350!

Along with all this since you failed at this point in your obligations, your rate of interest on your card can quickly go to the maximum allowed legally.

With the exception of actually paying up there really isn't a good way out at this stage, especially as much companies will make the demand that they are paid in full within Thirty days.

Wage garnishment, court proceedings and daily calls are just some of the things you can get from here on in plus it could well be years before you decide to manage to clear up all of your  debts.

So there you have it, how is it possible? Yes. But is it advisable? That is obviously going to depend on your ability to maintain in check with payments and the way much you really need a charge card after bankruptcy.