Wednesday, March 26, 2014
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TRUTHS ABOUT CREDIT CARDS AFTER BANKRUPTCY
TRUTHS ABOUT CREDIT CARDS AFTER BANKRUPTCY
Filing bankruptcy can be considered as the most dreadful thing on this earth. It leaves its mark for 7 to 10 years in the credit report. But still the discharge by the bankruptcy court does provide great relief to the person as it erase most of the debts.
When a person is discharged from the court the news of it will reach to the public. The companies those who deal with bankruptcy listings will collect the information’s so that they sell it to the financial institutions and credit card companies. The card companies now will be sending various offers to those people from the information’s they receive. It is basically easy for a person to get a credit card after bankruptcy. But there are drawbacks in the credit card agreement which can again drag a person into financial trouble.
To make a fresh start with credit card after bankruptcy is a very bad idea. The credit card companies make astronomical profits every year from the penalties and other charges they receive from the defaulters of the credit card holders. Money problem is a big problem and it is also big issue for creating family disputes. And most of the money related trouble is due to credit card. Whenever a person is filing for bankruptcy he or she has to work with a counselor. In every case it is found that the credit counselor advised that person to cut their credit cards.
It is always better for a person to do transaction with cash rather than credit after filing bankruptcy. It is absolutely necessary to stop the mistakes caused due to credit card. It is also found that the spending of any person increased considerably when credit cards are used. It is always better to use debit card or bank check card. But credit card after bankruptcy is a big no.
When a person is discharged from the court the news of it will reach to the public. The companies those who deal with bankruptcy listings will collect the information’s so that they sell it to the financial institutions and credit card companies. The card companies now will be sending various offers to those people from the information’s they receive. It is basically easy for a person to get a credit card after bankruptcy. But there are drawbacks in the credit card agreement which can again drag a person into financial trouble.
To make a fresh start with credit card after bankruptcy is a very bad idea. The credit card companies make astronomical profits every year from the penalties and other charges they receive from the defaulters of the credit card holders. Money problem is a big problem and it is also big issue for creating family disputes. And most of the money related trouble is due to credit card. Whenever a person is filing for bankruptcy he or she has to work with a counselor. In every case it is found that the credit counselor advised that person to cut their credit cards.
It is always better for a person to do transaction with cash rather than credit after filing bankruptcy. It is absolutely necessary to stop the mistakes caused due to credit card. It is also found that the spending of any person increased considerably when credit cards are used. It is always better to use debit card or bank check card. But credit card after bankruptcy is a big no.