Credit Cards After Bankruptcy - As much as we all may wish 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 things such as the obtaining of a good credit card after bankruptcy.
However regardless to what some may think receiving 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 causes companies will offer a credit card after bankruptcy is the fact a person cannot file for bankruptcy for at least seven years after the initial action has been discharged.
Thanks to this creditors have a legal recourse to use to collect any debts the credit card holder may end on top of. Credit card debts are typically unsecured, however when someone cannot declare bankruptcy, wage attachment may be used by the company to have back their money.
[ http://afterbankruptcycreditcards.soup.io/ After Bankruptcy Credit Cards] - Although their offers are available after bankruptcy they can be a risky option for some. Not only will you be dealing with higher interest rates but you will be charged on late payments and this can quickly add up.
Charge cards After Bankruptcy are very often offered by companies supposedly being an option to help rebuild ones credit rating. People will very often pick these cards up in the hope to getting back on their feet. This is despite the fact that total annual fees can occasionally even equal that relating to their initial borrowing limit.
For some things quickly get worse and worse
To put things into perspective let's say for example that the credit card after bankruptcy annual fees are $290 as well as your initial credit limit was $300, should you be only one day late for a 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 will cause another $30 fee if you are over the limit, which means that the credit card holder would now have a debt of $350!
Together with all this since you failed at this point in your obligations, your interest rate on your card can rapidly go to the maximum allowed by law.
With the exception of actually paying up there really isn't a simple way out at this stage, especially as numerous companies will make the demand that they're paid in full within 30 days.
Wage garnishment, court proceedings and daily phone calls are just some of the things you should expect from here on in also it could well be years prior to deciding to manage to clear up all your debts.
So there you have it, is it feasible? Yes. But is it advisable? That is obviously going to depend on your ability to keep in check with payments and just how much you really need a charge card after bankruptcy.