Traditional card companies have an additional defense. Particularly now that there's very few big card issuers (chase, wellsfargo, citi, cap1, barclay, boa, usbank, amex, discover), they have blacklists if you include them in a bankruptcy. Amex and citi are 10 years I think. This can make re-establishing credit far more painful.
There are obviously alternatives such as debit cards and credit unions, but those will not come with the same benefits as the cards from national issuers.
I don't think being blacklisted from Prosper or LendingClub for IIB will serve as much of a deterrent.
There are obviously alternatives such as debit cards and credit unions, but those will not come with the same benefits as the cards from national issuers.
I don't think being blacklisted from Prosper or LendingClub for IIB will serve as much of a deterrent.