${site.data.firmName}${SEMFirmNameAlt}
Bankruptcy Doesn't Need To Be Stressful
Scroll Down

Should you get a credit card after filing for bankruptcy

Credit cards can be a little daunting if you have recently filed for bankruptcy. The chances are high that overwhelming credit card expenses may have contributed to your filing for bankruptcy in the first place. Credit cards can, however, help to rebuild your credit following a bankruptcy, but only if they are used in the right way. There are credit card companies that prey on people with poor credit, so it is essential that you are able to identify companies that are trying to help you rebuild your credit as opposed to those who are trying to destroy it.

Subprime credit cards target consumers who have credit scores that are less than 600. Although they accept applications from those with low credit, they charge a higher interest rate, as well as maintenance fees, annual fees, authorized user fees and processing fees. You may get caught up with these fees that are added on top of your original charges and find it hard to pay down the balance on your credit card.

Secured credit cards, on the other hand, require you to put down a deposit before you are able to use the credit card. This allows the credit agencies to offset the initial fees, high interest rates and charges. By ensuring your credit card statement is paid in full each month, you can help to rebuild your credit. You can also ensure you will not become overloaded with credit card bills.

This information is intended to educate and should not be taken as legal advice.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Tell us more About Your Legal Issue

* Bold labels are required.

Your initial attorney consultation is free of charge. I also offer payment plans to qualified clients.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Address

1099 North Corporate Circle
2nd Floor
Grayslake, IL 60030

Phone: 847-986-8862
Fax: 847-223-5583
Grayslake Law Office Map

Office Number

Review Us