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[ http://afterbankruptcycreditcards.jimdo.com/] 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 occurs these people often start worrying about things such as the obtaining of your good credit card after bankruptcy.

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

[1] Best Credit Cards After Bankruptcy] - One the reasons companies will offer a credit card after bankruptcy is always that a person cannot declare themselves bankrupt for at least seven years after 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 on top of. Credit card debts are normally unsecured, however when someone cannot declare bankruptcy, wage attachment can be used by the company to have back their money.

[2] After Bankruptcy Credit Cards] - Although their offers are available after bankruptcy they could be a risky option for some. You will not only be dealing with higher rates of interest but you will be charged on late payments and this can quickly add up.

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

For some things quickly become worse and worse

To place things into perspective allow us to say for example that the 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 a payment you can expect on average to end up paying $30 being a late fee.

Subsequently this would push-up the liability to $320 which would cause another $30 fee for being over the limit, which means the credit card holder would now have 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 by law.

With the exception of actually paying on the websites 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 30 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 prior to deciding 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 planning to depend on your ability to keep in check with payments and just how much you really need a charge card after bankruptcy.