PoulsonMedrano87

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Credit Cards After Bankruptcy - As much as we all may wish to avoid having to file bankruptcy, sometimes for some people there really is no other option, when this happens these people often start worrying about things such as the obtaining of the good credit card after bankruptcy.

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

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

Thanks to this creditors have a legal recourse to use to collect any debts the cardboard holder may end track of. Credit card debts are usually unsecured, however when someone cannot declare bankruptcy, wage attachment may be used by the company to get back their money.

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

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

For some things quickly get worse and worse

To place things into perspective let us say for example that your credit card after bankruptcy annual fees are $290 as well as your initial credit limit was $300, if you were only one day late for any payment you can expect on average to end up paying $30 as a late fee.

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

On top of 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 by law.

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

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

So there you have it, is it feasible? Yes. But can it be advisable? That is obviously planning to depend on your ability to keep in check with payments and just how much you really need credit cards after bankruptcy.