The North Carolina Bankruptcy Information Blog

Filing bankruptcy is all about getting back to your feet, socially and financially. When it’s time to start rebuilding your credit history, one of the best ways to do so is through the use of a secured credit card.

A secured credit card is just like a regular credit card. The only difference is that instead of the bank granting you credit, your credit line is based on an actual cash deposit you put into a savings account. This way, you have all the benefits of a traditional credit card and reap the benefits of a new, maturing credit history.

While it’s important to select a card that has what you need and will overlap with your spending habits, for a person looking to rebuild their credit worthiness, it is critical that your first card have:

A 25-day grace period

It was typical at one time for creditors to offer 30-day grace periods, which meant you would receive one bill every month.…

Recent credit card legislation may prove to be a big relief for many Americans who have trouble keeping up with the rapid interest rate changes, hidden fees and aggressive collection efforts. Or not.

Many industry watchdogs believe the bill, currently alive in both a Senate and House edition, will not meet its original expectations. Citizens who have been watching the bill’s progress with hopes of instant relief may want to start paying even closer attention. It should be noted that true debt relief will rarely come as the result of government action alone and that in the end, the best solution for a reprieve from the pressures of mounting debt is to seek legal advice from a reputable bankruptcy attorney.…