After Bankruptcy 2. – Don’t put it on plastic
Posted on February 27, 2008
Filed Under Advice, Bad Credit, Bankruptcy | Leave a Comment
Use consumer credit as little as possible and only as a last resort. This doesn’t include a mortgage or perhaps a car loan.
Don’t be surprised if after bankruptcy you’re inundated with credit offers because creditors know that you’re starting with a clean slate, and they’re eager to get you back into the credit world.
Don’t be tempted.
A Richardson executive assistant who came out of bankruptcy last August was surprised at how heavily banks and auto dealerships courted her.
“Ever since I declared bankruptcy, I started getting all these credit card applications,” said the woman, who didn’t want to be identified. “It’s incredible. They weren’t bad rates at all. I didn’t think I’d get any of that kind of mail for a while, but it started pouring in.”
She didn’t give in to the credit offers and uses only her debit card and cash to shop.
“I wanted to stay away from that stuff and wanted to get things balanced in my life,” said the woman, who said her bankruptcy was caused by a job loss, medical bills and repairs on her home. “I was concentrating on just getting my bills paid, just trying to get a budget.”
by Pamela Yip
Comments
Leave a Reply