A bankruptcy marketing service will quickly locate your name in the published court records. Each week, they compile a list of recent bankruptcies, to which your name will be added. This list is then sold to other bankruptcy market service providers, who will send you credit card and consumer credit offers.
Each year, these bankruptcy marketing service companies send one billion credit card offers to recently insolvent individuals and organizations. The majority of offers include bankruptcy credit card information and offers. The vast majority of these offers are cons and should be avoided at all costs.
In order to remain out of trouble, it is best to refrain from applying for credit cards during the first year following court-ordered debt discharge. In fact, it is advisable to subsist on cash for at least one year. Do not fall for marketing schemes that claim using a credit card will help you establish credit. The vast majority of bankruptcy credit card information and offers contain high fees and interest rates that will put you back on the path to significant debt problems. Within two years of receiving a bankruptcy discharge, over 73% of individuals are back in severe debt.
Sign up for a debit card with your bank if you require the use of plastic money. Virtually all debit cards are part of the VISA or MasterCard network. Nevertheless, your card is directly linked to the quantity of money in your account. If you exceed your spending limit, the bank will penalize you for an overdraft in the same manner as if you had written a check with insufficient funds. You receive immediate feedback indicating that you are not adhering to your financial recovery strategy.
Numerous bankruptcy marketing service providers will promote secured credit cards as a means of establishing credit. You can obtain the same credit-building benefit by using a debit or bank check card without incurring interest charges. Remember, if you want to avoid debt, you should avoid borrowing money. Credit card companies earned $90 billion in fees and penalties from individuals who did not make payments last year. They make a lot of money when you get into credit card trouble, so you should avoid all credit cards and consumer credit. Only a mortgage loan payment should be included in your budget.
If you have any concerns, please contact your financial counseling service. They will be aware of which bankruptcy marketing service providers provide accurate and reliable information. Maintain your financial recovery plan's course. Remember that the best method to avoid debt is to avoid borrowing money. It is also the greatest means of becoming wealthy.""
" - https://www.affordablecebu.com/