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Apparently most Americans are still feeling the pressure to avoid bankruptcy so much so that they are continuing to turn to any open source of credit they can find. According to the Federal Reserve, credit card debt was up $3.3 billion to $793.1 billion in May and June shows an even greater jump up by $7.7 billion to billion totaling $798.3 billion. Overall consumer credit is up to $2.4 trillion in May.
Here is what’s happening. After consumers have filed for bankruptcy, all of their debts are discharged. Creditors know that consumer debtors are only eligible for a bankruptcy discharge after 8 years. Creditors also know that many who have filed bankruptcy have a taste for credit and will go to many lengths to rebuild their precious FICO score. So, at least for 8 years the creditors can get YOU to pay them high interest rates on your credit card balances until you qualify to file bankruptcy again. They want to keep YOU addicted to CREDIT.
Subprime consumers with poor credit or fresh out of bankruptcy are receiving more credit card offers according to this article. So, don’t tell me you can’t get credit after bankruptcy. In fact, the creditors encourage this irresponsible behavior and welcome you into high interest credit cards by telling you that this will rebuild your good credit. NO IT WON’T!!!!
Stop being a victim of circumstances and transform your financial life once and for all. You’re better off following the principles of our Depression Era elders by keeping your emergency fund in CASH, at least $1000.00 in reserves as our friends at Dave Ramsey suggest. If you’ve filed bankruptcy and want to rebuild your credit, work with our friends over at FortressCreditPro and tell them we sent you.
Posted By Ron Siegel
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Ron Siegel is a Radio Show host on the Real Estate Radio Network and counsels clients in all matters Real Estate Related – Mortgage Banking, Real Estate Purchases and Sales, Short Sales, Foreclosures, Credit Repair. Reach on Ron Siegel at Ron@MBEhoa.com – 800.306.1990 – www.MBEhoa.com.
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