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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 such things as the obtaining of a good credit card after bankruptcy.

However regardless as to the some may think finding a credit card after bankruptcy isn't impossible. There are 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 declare themselves bankrupt for at least seven years following the initial action may be discharged.

Thanks to this credit card issuers have a legal recourse to use to collect any debts the credit card holder may end up with. Credit card debts are typically 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 their offers 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 often offered by companies supposedly as an option to help rebuild ones credit score. People will very often pick prepaid cards up in the hope of having back on their feet. This is despite the fact that total annual fees can sometimes even equal that relating to their initial credit limit.

For some things quickly become worse and worse

To put things into perspective let's say for example that the credit card after bankruptcy annual fees are $290 along with your initial credit limit was $300, had you been only one day late for any payment you can expect normally to end up paying $30 as a late fee.

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

Along with all this since you didn't work 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 available online for really isn't a good way out at this stage, especially as many companies will make the demand that they're paid in full within 1 month.

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

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