Browsing Category: "bankruptcy"
Getting a Bad Credit Credit Card
Bad credit history can make it troublesome to get another credit card, but not impossible. Many banks offer bad credit credit cards to help individuals with good intentions to reestablish a positive credit rating.
There are two categories for bad credit credit cards to fall under, secured and unsecured. A secured credit card will require you to deposit a certain amount of money, from several hundred to several thousand dollars, into a savings account as security for the line of credit. Your credit line is a percentage of the deposit usually somewhere between 50 and 100%. The bank then issues you a credit card with a spending limit equal to your credit line. Your deposit will be used as collateral for this credit. If you fail to keep up payments or pay the balance, it will be taken out of the collateral. Some programs may even pay you interest for your deposit, but might have application and processing fees. Continue reading »
Bankruptcy or Debt Consolidation, What to Do?
People suffering from massive credit card debt have contemplated whether they should file for bankruptcy or get a debt consolidation loan for years. The short answer is, if you can get the loan, do that.
Yeah bankruptcy sounds nice. You don’t owe anybody anything afterwards, though you may have to liquidate some of your assets. The problem is the huge black mark this leaves on your credit report. This is a black mark that never goes away. The seven-year rule you always hear about will not help. Continue reading »
