How to maintain a good credit standing.
A new bankruptcy law effective October 17, 2005 requires all debtors to undergo credit counseling before filing for bankruptcy. Please call a Discover Card Credit Assistance Representative at 1-800-767-1146 for more information about Consumer Credit Counseling Agencies (CCCAs).
Bankruptcies can have a long-term negative impact on your ability to obtain and use credit:
- Bankruptcies remain on your credit report for up to 10 years.
- Many people find it difficult-if not impossible-to obtain a new mortgage, personal loan or credit card for years to come. When they do find a lender willing to give them another chance, they may receive less credit than desired; they may be charged higher interest rates; or they may have to pay larger down payments.
Before you consider filing for bankruptcy, ask yourself:
- What caused my financial difficulty?
- Have I talked to all my creditors to see if they can set repayment programs?
- Have I talked to a credit counseling agency?
- Have I talked about financial concerns with my friends and family?
- Does bankruptcy make economic sense?
- Will bankruptcy discharge enough of my debts to make it worth my while?
- Will I have to give up property I want to keep?
We have many alternative solutions to help you avoid these complications so please call us for assistance when you need it.
If You Become Disabled or Ill
Disability or illness can strike at any time. If it does, contact us immediately at 1-800-767-1146.