Already, people with a poor credit history are on a major disadvantage, because banks and money lenders view them as a higher risk ,they charge higher rates of interest to safeguard against default whether wilful or otherwise. If your credit rating is exceptionally poor, you may want to consider trying to repair it and whilst it may take some time, it will pay off substantial dividends in the end. Say you get a home loan for $100,000, and because of your poor rating you are charged an extra 1.5%. That may sound like a petty amount, but when you consider that that 1.5% is equal to $1500, the tactical benefits of improving your credit score can be plainly seen.

Credit cards for bad credit people are still available.
Just read what the top banks are offering:
Citi, BoA and many others make Visa and Mastercards application a breeze. Or, so it seeems...

Although you're welcome to apply for Platinum and Gold Visa or Mastercard, there's no guarantee that you'll be approved.
As the interest and terms of use vary widely, so do the conditions of approval.

With the highest interest being around 19% you may succeed when your credit score is about 640.
But, if you want the low interest credit card that charges about 9% you must have a much better credit history, and a score of 700 or more.

Therefore, people with bad credit status may get the credit card, but their credit record will decide on how much it's going to cost them.

Consumer bankruptcies are expected to rise sharply in 2008, according to The American Bankruptcy Institute's data released Wednesday, that is in line with the National Bankruptcy Research Center data. How do they know, if the actual number of bankruptcvies has fallen in October this year?

Because of the surge in bankruptcies last November, signals that the fallout from the nation's mortgage crisis is far from being contained, and is rapidly spreading.
The fact that 28% more households filled for bankruptcy than comparing to November 2006. Out of the total number of bankruptcies being 71,799 some were made under federal Chapter 13, actually 39.5 percent of them. Fortunately, those people will not lose their homes... yet.