My little rants on student credit cards
As a result, they were unable to make monthly payments on their mortgages, loans, and credit cards. As a result, the number of people filing for bankruptcy protection rose. Those who just a few short months before had the financial ability to buy whatever they desired now were helpless to do anything but watch their good credit rating evaporate. In years past, bankruptcy would have meant that all purchases would have to be made with cash for at least seven years, rendering big purchases such as appliances and cars pretty much out of reach. For those who want to get back on their feet and reestablish their good credit rating, there now are secured, or bad credit credit cards to help them on their way.