Credit Card Bankruptcy

While bankruptcy may prevent you borrowing for sometime, you know that at some stage in the future there will be a requirement to secure a loan. When the time comes your credit score needs to be as high as possible.

Some important steps you can take to improve your credit rating are:

You are allowed one free credit report per year. Get a copy and look for any errors . Contact the agencies directly and have them put right. Your lawyer may help with this.
Get you remaining debts under control, consolidate them if necessary and ensure regular payments are made.
Make all your payments early if at all possble.
Ensure that your lenders report your payments regularly to ratings agencies.
Be very careful about taking on any more debt, you need to be 100% sure that the debt can be serviced.

Your objective is to demonstrate to your creditors and credit agencies that you are now in control of your spending and are able to repay any money owed. Its a matter of building up trust again. This will take a long time and you should not expect instant results.

Credit Cards After Bankruptcy

admin — Sun, 11 Oct 2009 23:48:30 +0000

Many people look to get credit cards after bankruptcy. They do so with good reasons. It could be they are looking for some spare money as they get back on their feet or just to rebuild a credit rating.

Whatever the reason it is possible and with careful management will build credibility back into your credit rating.

With recent economic events banks will carefully scrutinise any credit card application. But when you apply at least the law change of 2005 extending the time of filing between bankruptcy motions is in your favour. The extension of the times has made it less risky for banks to lend to you and they will consider a credit card after bankruptcy more favourably.

There are a number of options for getting a credit card after you have been adjudged bankrupt:

Payroll Deduction Cards

For this option you need to have a steady job and probably have been in employment for at least 6 months.

With this option a fixed amount is deducted from your paycheck each pay.

The amount you can borrow is determined by your base salary.

Unsecured Credit Card

Generally harder to get than other secured cards. They are good for improving a credit rating but may have higher fees and interest rates than other cards. This is because the bank is taking more risk with a secured card than it is with this type of card.

When looking at this type of credit card try to find one with no setup fee, low annual fees and low interest rate.

It is considered good practice to pay outstanding balance off your card each month. If you can do this then the interest rate will not be so important to you.

Secured Credit Cards

These have traditionally been the cards used after bankruptcy. They were able to be issued at least 6 months after the judgement. They require a cash deposit which is used as the credit line for the account.

After a while, when the bank can see you have your spending and repayments under control they may extend you credit limit past that which was originally agreed.

As long as your bank regularly reports to credit agencies your credit score will improve as you display an ability to make regular payments.

These cards often have higher annual and establishment fees than other forms. Always look for a card which has no application fee if this is an option you wish to take.

Also look for a card which converts to an unsecured card in 12 months. This should reduce any annual fees.

Irrespective of the type of card you get, here are some suggestions for the management of your credit cards:

Never carry any due amount forward. Always the the entire card off each month.

Always pay on time

Satisfy yourself that the credit card company reports payments to credit rating agencies. If they don’t then your credit card score will not improve.

Don’t apply for too many cards at once. In fact the opposite should be your practice. Keep you credit card debt to a minimum, have on card only, and use other (cheaper) forms of credit for any borrowings you may need.

When in bankruptcy get a secured card. Never spend more than 25% of the credit limit and pay the account in full as soon as the bill comes in. Maxing out the card even if you pay it off each month is not good for your credit rating.

Privacy Policy

admin — Sun, 11 Oct 2009 23:46:00 +0000

This site (CreditCardBankruptcys.com) is owned and operated by Kiwi2 Limited. Your privacy on the Internet is of the utmost importance to us. At CreditCardBankruptcys.com, we want to make your experience online satisfying and safe.

Because we gather certain types of information about our users, we feel you should fully understand our policy and the terms and conditions surrounding the capture and use of that information. This privacy statement discloses what information we gather and how we use it.

INFORMATION CreditCardBankruptcys.com GATHERS AND TRACKS

CreditCardBankruptcys.com gathers two types of information about users:

Information that users provide through optional, voluntary submissions. These are voluntary submissions to receive our electronic newsletters, to participate in our message boards or forums, to email a friend, and from participation in polls and surveys:
Information CreditCardBankruptcys.com gathers through aggregated tracking information derived mainly by tallying page views throughout our sites. This information allows us to better tailor our content to readers’ needs and to help our advertisers and sponsors better understand the demographics of our audience. BecauseCreditCardBankruptcys.com derives its revenue mainly from sponsorships and advertising, providing such aggregated demographic data is essential to keeping our service free to users. Under no circumstances does CreditCardBankruptcys.com divulge any information about an individual user to a third party.
CreditCardBankruptcys.com Gathers User Information In The Following Processes:

We may offer the following free services, which require some type of voluntary submission of personal information by users:

1. Electronic newsletters policy (Dispatches) We will offer a free electronic newsletter to users. CreditCardBankruptcys.com gathers the email addresses of users who voluntarily subscribe. Users may remove themselves from this mailing list by following the link provided in every newsletter that points users to the subscription management page. Users can also subscribe to the newsletters at the time of registration.

2. Message boards/forums policy

Users of the site’s Message Boards and Forums must register separately for these services (both are free of charge) in order to post messages, although they needn’t register to visit the site. During registration the user is required to supply a username, password, and email address.

3. “E-mail this to a friend” policy

Our site users can choose to electronically forward a link, page, or documents to someone else by clicking “e-mail this to a friend”. The user must provide their email address, as well as that of the recipient. This information is used only in the case of transmission errors and, of course, to let the recipient know who sent the email. The information is not used for any other purpose.

4. Polling

We may offer interactive polls to users so they can easily share their opinions with other users and see what our audience thinks about important issues. Opinions or other responses to polls are aggregated and are not identifiable to any particular user. CreditCardBankruptcys.com may use a system to “tag” users after they have voted, so they can vote only once on a particular question. This tag is not correlated with information about individual users.

5. Surveys

CreditCardBankruptcys.com may occasionally conduct user surveys to better target our content to our audience. We sometimes share the aggregated demographic information in these surveys with our sponsors, advertisers and partners. We never share any of this information about specific individuals with any third party.

Children Consistent with the Federal Children’s Online Privacy Protection Act of 1998 (COPPA), we will never knowingly request personally identifiable information from anyone under the age of 13 without requesting parental consent.

Usage tracking

CreditCardBankruptcys.com tracks user traffic patterns throughout all of our sites. However, we do not correlate this information with data about individual users.CreditCardBankruptcys.com does break down overall usage statistics according to a user’s domain name, browser type, and MIME type by reading this information from the browser string (information contained in every user’s browser).

CreditCardBankruptcys.com sometimes tracks and catalogs the search terms that users enter in our Search function, but this tracking is never associated with individual users. We use tracking information to determine which areas of our sites users like and don’t like based on traffic to those areas. We do not track what individual users read, but rather how well each page performs overall. This helps us continue to build a better service for you.

Cookies

We may place a text file called a “cookie” in the browser files of your computer. The cookie itself does not contain Personal Information although it will enable us to relate your use of this site to information that you have specifically and knowingly provided. But the only personal information a cookie can contain is information you supply yourself. A cookie can’t read data off your hard disk or read cookie files created by other sites. CreditCardBankruptcys.com uses cookies to track user traffic patterns (as described above). Our advertising system delivers a one-time cookie to better track ad impressions and click rates.

Third parties may be placing and reading cookies on your browser, or using web beacons to collect information, in the course of their ads being served on this website.

DoubleClick DART Cookie
.:: Google, as a third party vendor, uses cookies to serve ads on www.CreditCardBankruptcys.com.
.:: Google’s use of the DART cookie enables it to serve ads to users based on their visit to www.CreditCardBankruptcys.com and other sites on the Internet.
.:: Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy at the following URL – http://www.google.com/privacy_ads.html

You can refuse cookies by turning them off in your browser. If you’ve set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You do not need to have cookies turned on to use this site. However, you do need cookies to participate actively in message boards, forums, polling and surveys.

USE OF INFORMATION

CreditCardBankruptcys.com uses any information voluntarily given by our users to enhance their experience in our network of sites, whether to provide interactive or personalized elements on the sites or to better prepare future content based on the interests of our users.

As stated above, we use information that users voluntarily provide in order to send out electronic newsletters and to enable users to participate in polls, surveys, message boards, and forums. We send out newsletters to subscribers on a regular schedule (depending on the newsletter), and occasionally send out special editions when we think subscribers might be particularly interested in something we are doing.CreditCardBankruptcys.com never shares newsletter mailing lists with any third parties, including advertisers, sponsors or partners.

When we use tracking information to determine which areas of our sites users like and don’t like based on traffic to those areas. We do not track what individual users read, but rather how well each page performs overall. This helps us continue to build a better service for you. We track search terms entered in Search function as one of many measures of what interests our users. But we don’t track which terms a particular user enters.

CreditCardBankruptcys.com creates aggregate reports on user demographics and traffic patterns for advertisers, sponsors and partners. This allows our advertisers to advertise more effectively, and allows our users to receive advertisements that are pertinent to their needs. Because we don’t track the usage patterns of individual users, an advertiser or sponsor will never know that a specific user clicked their ad. We will not disclose any information about any individual user except to comply with applicable law or valid legal process or to protect the personal safety of our users or the public.

SHARING OF THE INFORMATION

CreditCardBankruptcys.com uses the above-described information to tailor our content to suit your needs and help our advertisers better understand our audience’s demographics. This is essential to keeping our service free. We will not share information about individual users with any third party, except to comply with applicable law or valid legal process or to protect the personal safety of our users or the public.

SECURITY

CreditCardBankruptcys.com operates secure data networks protected by industry standard firewall and password protection systems. Our security and privacy policies are periodically reviewed and enhanced as necessary and only authorized individuals have access to the information provided by our customers.

OPT-OUT POLICY

We give users options wherever necessary and practical. Such choices include:

Opting not to register to receive our electronic newsletters.
Opting not to participate in certain interactive areas, which completely alleviates the need to gather any personally identifiable information from our users
YOUR CONSENT

By using this site, you consent to the collection and use of this information by CreditCardBankruptcys.com and third parties. If we decide to change our privacy policy, we will post those changes on this page so that you are always aware of what information we collect, how we use it, and under what circumstances we disclose it.

Contact

admin — Sun, 11 Oct 2009 23:44:23 +0000

Would you like to contact us about our site?

Perhaps you like to see us provide more information on a particular topic.

We look forward to your feedback. Please contact:

Michael at buzzpac dot com

About

admin — Sun, 11 Oct 2009 23:42:54 +0000

Our website has been made to bring together a wide range of information on credit card bankruptcy.

We do not endorse any individual product but all advertisements on our site are intended to give the readers a choice of credit cards and credit card information.

If you have any questions, please feel free to use our contact page

Eliminating Credit Card Debt

admin — Sun, 11 Oct 2009 23:19:13 +0000

Credit cards are very handy tools but you need to be sure that if you use them, you are capable of eliminating credit card debt some stage in the future. Credit card debt is generally expensive and should be among the first on your list for removal.

Getting into debt is easy but getting out again is much harder and involves a disciplined approach if you are to be successful.

Here are some steps you can take to help eliminate your debt:

Take Responsibility

Some people will blame circumstances out of their control for increasing debt. For short periods of time this may be true but in the long run you need to own the responsibility for your spending. There are always options to funding purchases and you need need to decide where the money will come from and if you really need to spend. The decision not to spend may be the best for you.

Make A Positive Decision To Get Out Of Debt

To get out of debt you will need to do things differently.
There is an old saying that “today is the first day of your life”. Treat it that way. Forget about the past, its gone and you cant change what has happened. What you can do though is ensure the actions you take in the future get your finances going in the right direction.

Build A Plan

It is really important to have a written plan to guide you on the road to recovery.
First take an inventory of all your debt. List everything you owe, to whom, what the annual interest rate is and what the minimum payments are.
Next look at your ability to pay. Make a list of all your income then subtract off your expenses excluding credit card payments.
The balance is what you have available to pay off your debt.
Now look for ways to either increase your income or reduce your debt. Finding a second job or stopping smoking are examples of the things you should look at.

Prioritise Payments

Next prioritise debt payments. You will want to bring up to date those debts you are behind on first, then once they are up to date, focus your payments on those with the highest interest rate.
By focusing on those accounts with the highest interest rate you will pay less in the long run for your debt.

Take Action

Now that you have made a decision to eliminate your credit card debt and you have a written plan you just need to take action. A lot of people get themselves into serious trouble when they know what to do, but just don’t take action.

Some suggestions for tactics to use when putting together your plan:

Low interest rate balance transfers. Look for a card with an offer that if you move your debt across to a new card you will get a reduced interest rate for a period of time. If the period of time is long enough for you to get rid of your debt this may be a good option for you. If the offer doesn’t meet the time it will take to reduce debt then ensure you can switch the debt to another similar offer, just before the original offer expires.
Look at debt consolidation. If you put all your debt in one place, with a reduced interest rate the debt is often easier to manage and will make it easier for it to be paid off.
Always pay as much off your credit card as possible. Never just make the minimum payments.
Serious look at cutting up one or more of your cards. This helps remove the temptation to put more debt onto you cards.

Credit Card Bankruptcy

admin — Tue, 06 Oct 2009 23:32:01 +0000

Credit card bankruptcy is a question an increasing number of people are asking about.

It is easy to get a credit card. Eighty percent of households now have at least one credit card and with over a billion cards issued ,the average household now has approximately a dozen credit cards.

More concerning, is that over 60% of people carry forward credit card debt from one month to another with the average credit card household debt being more than $10,000.

No wonder that an increasing number of people are getting into trouble with their repayments and considering credit card bankruptcy as a viable option.

An indicator of this is that Google search trends on the topic, have almost doubled since 2007 and the trend is showing no signs of slowing down.

While bankruptcy is a consideration if you have extreme difficulty paying your debts, you should never act without taking professional advice. As with any area of the law, it is important to have all the facts, both on your debt and the law. Consulting a lawyer who is a specialist in this area is essential.

There is an option of filing for credit card bankruptcy under Chapter 13 or Chapter 7 of the code.

With a Chapter 13 filing, requires you will propose a payment plan to your creditors. The plan lays out how you intend to pay the debt and in what timeframe. This may be an option if you have regular income, but need time to repay the debt. It requires you to be quite disciplined in making future payments.

The Chapter 7 option works in quite a different way. Under this filing your possessions are sold and the funds from the sale, used to pay the people whom you owe money. If successful, your debts, including credit card debt, is wiped giving you the opportunity to start again.

Before you can file for bankruptcy you will be required to undertake credit counselling.

When filing for bankruptcy it is very important that you are honest about your debts and overall financial position.

A lack of honesty can result in you having your credit card bankruptcy overturned. For example, if you were to take on new credit cards and/or incur significant spending on your existing cards knowing you are unable to pay it is unlikely the application for bankruptcy on your credit card debt would be allowed. Similarly, if in any way you have been dishonest when applying for credit cards.

As a general rule, the bankruptcy option should be your last. You should explore all ways of clearing your debt before heading off down this path. Bankruptcy will have a material effect on your credit rating and ability in the future to borrow money for any purpose.