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Credit card options available for post-bankruptcy consumers

The economic crisis over the last several years has led many consumers to file for bankruptcy. In fact, as of September 2011, 1.4 million U.S. residents, including many residents in the Galveston area, sought bankruptcy protection. However, there is good news for consumers worried about how a bankruptcy will affect their future finances. Many consumers wonder if having a bankruptcy on their record will prevent them from getting certain financial products down the road, such as qualifying for a credit card.

In a recent national report, readers learned that filing for bankruptcy does not mean a person will not be able to qualify for a credit card. Creditors have their own understanding of the different situations that lead consumers to seek debt relief through personal bankruptcy.

The consumer can consider different credit cards and debit card products that will help him or her to secure credit, or perform transactions using a card that works like a credit card.

Among the options that consumers can consider are secured credit cards from a short list of providers as well as the option of using a prepaid debit card.

One benefit of the latter product is that it can offer the consumer the opportunity to add cash to it at a machine, such as one located inside a convenience store. The business hours in such a store would eliminate the need for a consumer to visit a bank with limited hours of operation to make a deposit. However, a prepaid debit card would not feature "the same purchase protection as credit cards."

When individuals or couples consider filing for personal bankruptcy, they have understandable fears about what people will think. There are some social stigmas traditionally associated with filing a personal bankruptcy. Fortunately, there are many options available for consumers to regain a fresh financial start without the stress of being buried under debt.

Source: CardRatings.com, "Best credit cards after bankruptcy," Curtis Arnold, April 3, 2012

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