When consulting with potential clients, I typically get this two part question:

“Can I keep one credit card out of the bankruptcy so I have it for emergencies?”

No.

“How long will it take for me to get another credit card after bankruptcy?”

Typically soon after if that is really the path you choose to take.

Why are we so tied to our credit cards?  These small plastic adult security blankets are viewed as our ticket to financial freedom.

We believe they provide financial security and that they can lead us to a better lifestyle.

We can make large, luxury purchases and pay that off over time, giving us access to “things” we otherwise could not afford.

As a society, we are so dependent on our credit.

We have been hoodwinked by master magicians.

Smoke and Mirrors

The credit card companies, banks and lenders are illusionists of the highest order.

Take a second and do a Google image search for “credit card ads.”

Notice the celebrity spokespeople you see hired by the banks to influence you.  Notice the luxury items featured in the ads.

By far, the most popular deceptions are the beautiful, serene and exotic vacation destinations featured in these credit card ads.

These borderline deceptive marketing tactics prey on our desire to have what we we don’t and be who we’re not.

In addition, banks have done a masterful job propagandizing the “FICO Score” as an indicator of our ability to be productive financial citizens.

Nonsense.  Do not be influenced by the “credit score craze.”

Back to reality…

Credit cards do not provide financial freedom

If anything, they can quickly clamp a ball and chain around your ankle and hinder your future financial movement.

It’s pretty simple, but financial freedom is achieved by earning more, spending less and as a result, saving for the future.

Despite the brilliant marketing efforts of the credit card companies, you do not need a credit card.  I have not had a personal credit card in years.

If you need that 16 digit number in your pocket, there are prepaid options and of course, debit cards connected to your bank account.  These options will obviously prevent you from spending money you don’t have.

If you are already saddled with credit card debt, consider shaking off the shackles and braving the bankruptcy storm.

Bankruptcy could be the first step to a fresh start and true financial freedom.

Image courtesy of Tommy Wong (Flickr).