Beware of Bankruptcy Credit Card Info Scams

Posted by Sharib Mirza on July 22nd, 2016

Bankruptcy is a stressful and numbing process that has many long term consequences. Most often you have all you debts discharged or removed so that the creditors will no longer be calling you at all hours of the night. This is of course a great relief. However you may no longer will have the ability to obtain unsecured loans and credit cards that you feel that your need for day to day living.

A discharge of all your debt has one other consequence and that is that your name will end up on a bankruptcy list that is used for marketing. Within a month of your discharge you will begin to receive offers in the mail for everything from credit counseling to consumer credit offers. A majority of the mail will include bankruptcy credit card info.

Bankruptcy credit card info is easy to get but getting good information is not all that easy. Most of the information that arrives in your mailbox is basically junk mail and should be treated as such. Do not be lured into any card offer without doing a good job of research.

You must remember that most likely your recent financial crisis was related to the use or better yet the misuse of consumer credit. Whether it was VISA, American Express or MasterCard you probably abused them all.

It goes without saying that many people just should not have access to a credit card. Most credit counselors will tell recent bankrupt clients to live on a cash basis for at least a year before even considering applying for any consumer credit. When you pay for things in cash you dramatically change the way you spend money.

If you must have a VISA or MasterCard then you should only consider a applying for a secured card. A secured card normally requires that you deposit set amount of money into a special account that acts as collateral. If you have deposited 00 into the account then the credit limit on your card is also 00. If you default on your card the money in the account is used to pay the card debt. It really pays to shop around for the best deals as interest rates and fees vary widely.

In many cases you cannot receive an unsecured card if you have had a recent bankruptcy. The exception comes in the form of scams and immoral companies that offer cards that have exorbitant fees and high interest rates. All of which may mean disaster to your budget.

So when you begin to receive all the bankruptcy credit card info in the mail you really need to use discipline and throw most of it away. Granted there are good offers there but you really need to do some very careful research before you consider or fill out any application. Failure to do so could mean that your name will end up on a second bankruptcy mailing list.

Article Source: http://EzineArticles.com/1032848

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Sharib Mirza

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Sharib Mirza
Joined: July 1st, 2016
Articles Posted: 19

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