Banking Services Philadelphia PA

U.S. Banks Stock Update - Feb. 2010 By: Zacks Equity Research
February 03, 2010

After enduring extraordinary shocks in 2008, the U.S. banks entered an exceptional state of turmoil in 2009. Starting as a credit issue in the subprime segment of the mortgage market, the sticky situation infected almost the entire financial services industry, and all corners of the globe. In other words, the financial crisis ultimately morphed into a massive economic crisis, which has had major ramifications across the whole world.

Entering 2010, although the banking industry is dealing with liquidity and confidence challenges, it is now comparatively stable with financial support from the U.S. government. The government had taken several steps, including programs offering capital injections and debt guarantees, to stabilize the financial system.

We believe that the worst of the credit crisis is now behind us. After more than a year of initiating the $700 billion Troubled Asset Relief Program (TARP), a lot has improved with respect to the economic crisis.

But the banking system is not yet out of the woods as there are persistent problems that need to be addressed by the government before shifting the strategy to growth. We believe that the U.S. economy will regain its growth momentum once these issues are resolved....

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Many clients in financial difficulty are concerned about how to rebuild their credit after filing bankruptcy. One good way to build on your credit score after filing bankruptcy is to keep current on secured debt that you have chosen to reaffirm. A client should discuss in detail with their attorney the details regarding reaffirming their secured debt in a bankruptcy case.

In addition, it makes sense to keep current on debt that does not get discharged in a bankruptcy case. Student loans are the best example. Student loans are not wiped out in bankruptcy, and if you keep current on those payments that should help your credit score in the long run.

Finally, a very effective way to rebuild credit is by obtaining a secured credit card shortly after your bankruptcy case is discharged. With a secured card, you pay a deposit, which becomes your credit limit on that card. By using the card a little every month - wisely - and by paying it off every month - your credit score should improve.

So, the answer is yes - you can rebuild your credit after bankruptcy much sooner then you might have thought.

Attribution: Attorney Ron Lundquist has been providing high quality Chapter 7 bankruptcy and Chapter 13 bankruptcy relief to clients throughout the south metro Minnesota area since 1999. Ron Lundquist Attorney at Law

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