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Rebuild your credit: Watch out for high interest credit cards

Bankruptcy, Chicago

People who have declared bankruptcy in Illinois may be encouraged to open a new secured credit card with the idea of paying off the balance every month. Since bankruptcy can have a negative effect on your credit report for up to 10 years, rebuilding your credit is an essential part of reestablishing your financial stability.

Despite the positive effect a credit card can have on peoples’ credit score when they pay off any existing monthly balances, researchers warn about the dangers of having a subprime credit card. These credit cards are marketed to people who have low credit scores and give them a chance to reestablish their credit. In order to offset the risk that is taken by offering credit cards to people who have just declared bankruptcy, however, many of these credit card companies have high-interest rates and charge exorbitant fees.

Some believe that these credit card agencies extend offers that are written in a way that makes it difficult for people to understand. Some debtors may not know what they are entering into when they sign up for an unsecured credit card, and many may end up paying hundreds of dollars in maintenance and processing fees.

Secured credit cards, on the other hand, usually extend the same credit-building potential but without the added fees and high-interest rates. In some cases, these cards require people to come up with an initial deposit.

If you have filed for bankruptcy and are looking for a way to reestablish your financial presence and boost your credit score, a bankruptcy attorney may be helpful when it comes to exploring your options.

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https://billbusters.com/wp-content/uploads/2018/09/blog-image.jpg 300 300 Isaiah Oconnor https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png Isaiah Oconnor2018-09-25 17:21:542018-10-07 18:44:54Rebuild your credit: Watch out for high interest credit cards

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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