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

However regardless from what some may think obtaining a credit card after bankruptcy isn't impossible. You can 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 a charge card after bankruptcy is always that a person cannot file for bankruptcy for at least seven years following your initial action has been discharged.

Thanks to this credit card companies have a legal recourse to utilize to collect any debts the charge card holder may end up with. Credit card debts are normally unsecured, however when someone cannot declare bankruptcy, wage attachment can be utilized by the company to have back  their money.

[ http://afterbankruptcycreditcards.soup.io/ After Bankruptcy Credit Cards] - Although these credit cards are available after bankruptcy they can be a risky option for some. You won't just be dealing with higher interest levels but you will be charged on late payments and also this can quickly add up.

Credit 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 along with your initial credit limit was $300, if you were only one day late to get a  payment you can expect on average to end up paying $30 like a late fee.

In turn this would push-up the liability to $320 which would 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 failed at this point in your obligations, your interest rate on your card can quickly go to the maximum allowed legally.

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 are paid in full within 30 days.

Wage garnishment, court proceedings and daily phone calls are just some of the things you can get 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 feasible? Yes. But could it be advisable? That is obviously likely to depend on your ability to maintain in check with payments and exactly how much you really need  credit cards after bankruptcy.