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How secured credit cards help after bankruptcy

On Behalf of | Jul 29, 2018 | Credit Card Debt

If you are one of the many residents in Tennessee who has struggled with high revolving credit card debt, you know the level of stress that can cause. You might be afraid to get your mail or email or to answer your phone due to fears that creditors are trying to get you to pay your bills that you are unable to pay. If you are thinking about bankruptcy as an alternative to help you get out from under this mound of debt, you may be then concerned about if you could ever get credit again.

The good news is that obtaining credit and building a healthy credit score after filing for bankruptcy is very much possible. While you may not get the best cards with the best terms right out of the gate, you may well be able to get a credit card sooner than you think especially if you leverage a secured credit card.

As explained by NerdWallet, a this type of credit card requires you to put down a deposit amount that is usually equal to your credit limit. It is likely to be just a few hundred dollars. In this way, the line of credit is secured as the creditor knows they will be repaid. As you use the card and pay it off on time, your credit score will improve and so will your chances of getting a new unsecured credit card.

If you would like to learn more about secured credit cards and how they may be able to help you rebound from a bankruptcy to restore your financial health, please feel free to visit the consumer debt assistance page of our Tennessee debt relief and bankruptcy website.


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