LIFE AFTER BANKRUPTCY: GETTING NEW CREDIT CARDS

Your first post-bankruptcy credit card should be a secured Visa or MasterCard. Many companies offer these credit card accounts, which are secured by a savings account held with the bank. These savings accounts earn interest, and will not be touched unless you use the credit card and fail to make one or more payments. Secured credit cards are widely available, but be sure to read the fine print to determine costs and terms of the credit agreement. Interest or Annual Percentage Rates (APR %) can be very high and penalties for late payments may be costly.