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Credit Cards After Bankruptcy - As much as we all would like to avoid having to file 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 the good credit card after bankruptcy.

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

[ http://aftrbankruptcy.insanejournal.com/260.html Best Credit Cards After Bankruptcy] - One the reasons companies will offer a charge card after bankruptcy is the fact 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 use to collect any debts the credit card holder may end up with. Credit card debts are typically unsecured, however when someone cannot file bankruptcy, wage attachment can be used by the company to get back their money.

After Bankruptcy Credit Cards - Although these credit cards are available after bankruptcy they could 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 this can quickly add up.

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

For some things quickly get worse and worse

To place things into perspective let us 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 to get a payment you can expect normally to end up paying $30 like a late fee.

Subsequently this would push-up the liability to $320 which would cause another $30 fee if you are over the limit, which means the credit card holder would now have a debt of $350!

On top of all this since you didn't work at this point in your obligations, your interest rate on your card can very quickly 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 many companies will make the demand they are paid in full within Thirty days.

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

So there you have it, how is it possible? Yes. But could it be advisable? That is obviously planning to depend on your ability to help keep in check with payments and exactly how much you really need a charge card after bankruptcy.