Credit Card Offers Stacking Up at Homes of the Newly Bankrupt

[bkfiler]

look, they still love us

http://www.nytimes.com/2005/12/11/national/11credit.html?ei=5065&en=710cf2bc878de238&ex=1134882000&partner=MYWAY&pagewanted=print

please, if i can only say one thing to everyone and myself, remeber to only use the credit cards to build your credit and for emergencies only. never use credit cards again for everyday puchases.

or you will be having to look up your password for this site in 8 years

[bkfiler]

"But the new law makes for an even better gamble for lenders, consumer groups say. It not only makes bankrupt debtors wait eight years to clear their debts again, but it also requires many of those who do go back into bankruptcy to pay previous credit card bills that may have been excused under the old law."



ummmm....

errrrrrrrr....

what?

[bkfiler]

"Those with the worst credit card debt were people ages 50 to 64, who owed $9,124 on average, the study found"

wow i guess if they included me i would throw that curve way out of wack!

[AAAArt]

I read that report before I logged on this AM. I thought the "gamble" remark made the cc companies sound like a casino. (As the casino owner said, I can't wait until tomorrow to find out id I win or if I win more!).
One word of caution in addition to befiler's on why and how to use cc. Don't accept a cc with 23+% interest. Subprime credit on your CRA's will scare away prime lenders.
Wait and you can get a secured cc or be offered one at no more than 16%.
Still high, but on the way to betteer times. Art
BTW, Did you notice int he article how much the profit has risen for those bloodsuckers while all the way they've been cryint fot Bk reform to "protect" them?

[bkfiler]

i would say get whatever cards you can up to 3 at teh start as soon as possible out of bk regardless of the APR. but, get low annual fees and wait to get ones that will convert sooner or later to unsecured if you can.

my only point is that it probably is better to start building right away. i am and i have no intention on using the cards for anything except playing their game and building credit scores.