A new study reports that nearly 100% of families who file Chapter 7 bankruptcy get credit card offers within a year.
The figures were lower for those who had filed Chapter 13 payment plan cases.
A shocking 20% of those offers are from credit cards they discharged in their bankruptcy case.
This flies in the face of the lobbyist drumbeat these same creditors arranged as they sought to buy five consecutive Congresses to get their “reforms” enacted, reforms designed to make it harder for those lowbrow, deadbeat, down right immoral jerks who were filing bankruptcy and not paying their bills and costing the rest of us so much money.
But what happens after these lowlifes file bankruptcy?
Why, the credit card companies fall over themselves offering them more credit.
Now, they know, you cannot file a Chapter 7 again for 8 years.† Still, the creditor positions seem a tad inconsistent.
Which begs the question, should you be getting more credit cards right after you file Chapter 7, or come out of your Chapter 13?
Managing cards was not likely your strong point if you were in bankruptcy.† It is a one sided game, and they wrote the rules, changing terms and rates in mid-stream when the mood strikes.
Do not believe the TV commercial myth, “priceless” Mastercard purchases, mood changing shopping binges provided by relentlessly whipping out your VISA card.
If you have to borrow money to buy it, that is a problem.
Best to carry cash, and not a lot of that, until you are paying all living expenses, utilities and such, on time, and have some money saved, and are saving more, before you look at getting more credit cards.