Credit cards for bad credit The basics
As a result, they were unable to make monthly payments on their mortgages, loans, and credit cards. As a result, the number of people filing for bankruptcy protection rose. People who had the power to purchase almost anything they wanted just a few months before were powerless to do anything but sit back and watch their good credit rating slip away. Historically, one of the repercussions of bankruptcy has been that the debtor would be unable to obtain credit for at least seven years after filing for protection, rendering major purchases such as applicances and cars impossible. For those who want to get back on their feet and reestablish their good credit rating, there now are secured, or bad credit credit cards to help them on their way.