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Credit cards offer several benefits, including increased purchasing power, membership perks, building credit history and convenience. According to TransUnion, 500 million credit cards were issued by banks in the US in Q2 2022. This shows that many Americans use credit...
If you file for bankruptcy, it may mean that you can no longer apply for traditional credit cards. Lenders are going to be too concerned that you won’t be able to pay off the debt. This can cause your credit score to fall, and you won’t be approved for new cards....
Foreclosure means that the bank takes your house and will likely sell it to someone else. This happens when you haven’t paid your mortgage payments, likely for a number of months in a row. It usually takes a few missed payments to even trigger the process, and then it...