If you recently had to file for bankruptcy because of issues with money management, it is very likely that multiple credit cards played a large part in putting you in the current state that you are in. There are many things about credit cards and card companies that can appear evil. Card companies often try to manipulate customers that don't understand what they are getting into by offering them cards with large limits and very high interest rates. This often starts as soon as a young adult is old enough to qualify for a card. College campuses are filled with card companies trying to ensnare students before they even know a single thing about money management outside of their parents' household.
Once they have people trapped in a card with a really high interest rate, the person will spend until the credit limit is full. After this, paying off the credit card is next to impossible because the interest rates are often very close to the monthly payment itself. Thus it is just as if you continue falling downhill no matter how hard you try to pay off the card.
If you recently filed for bankruptcy because of credit cards, it is likely that you never want to see a card again. Unfortunately, credit cards are a very necessary evil when it comes to restoring credit after filing for bankruptcy. Without using cards, it is very hard to restore credit and the process will take a good deal of time longer. When you are trying to recover from bankruptcy with credit cards, remember the following:
• Look for a card with a reasonable credit limit and reasonable interest rate. Because you have bankruptcy on your records, some companies will not approve you for a card, but others will approve you and try to take advantage of your current state by hitting you with incredible fees. Stay very far away from this. It is possible to find a reasonable card post bankruptcy.
• Make small expenditures and pay them off in a very systematic manner-always be on time when it comes to the payments or your credit score will be adversely affected. But on time payments show good money management and your credit score will begin to go up.