Posts Tagged ‘Credit cards’
The first step is recognizing that there is a problem. If thinking of your debt keeps you up at night you probably already know that you’re in over your head. Or perhaps you are “robbing Peter to pay Paul” and you may not realize that you’re on a dangerous slope. If you find that you fit either category, you may want to seriously think about getting a handle on your debt.
1. You routinely spend more than you earn.
2. You only make the minimum payment required on your credit cards
3. Your credit limit(s) is maxed out.
4. You are not aware of your total debt or what is on your credit report.
5. You skip paying some bills to pay others or use cash advances or payday loans to pay off others.
6. You argue with your spouse/significant other about money or afraid to discuss money with your spouse/significant other.
7. You panic when faced with an unexpected expense such as a broken water heater or car repair.
8. You owe more on your car than it’s worth.
9. Creditors are calling about overdue bills.
10. You are thinking about filing for bankruptcy.
As mentioned in an earlier Blog that one cannot pick and choose the debts they wish to include in a bankruptcy. In general, if someone has a zero balance on a credit card that particular card will not be included in the bankruptcy filing. One may think that they will then be able to use that credit card in the future. In most cases the lender will close your account once they get wind of the bankruptcy filing and in this new credit environment they will close it.
If you want to have a credit card to re-establish your credit, check out secured credit cards or a lender that was not part of your bankruptcy filing.