If you have recently filed for bankruptcy in Maryland, you know first-hand the liberating feeling of being able to start fresh with a clean financial slate. It is no surprise, however, that while much of your debt has been wiped clean, your credit score may have taken a hit. Many people seek different opportunities to rebuild their credit, all while trying not to accumulate more debt. 

Some financial planners suggest credit cards as an option to rebuild your credit and help you get back on your feet. Yet, if not careful, you may find yourself trapped in the same financial predicament that led you to file for bankruptcy in the first place. 

Subprime creditors market their plans to people who have less-than-desirable credit scores, often under 600. In order to be able to lend to people with poor credit, subprime lenders tack on high percentage rates, annual fees, maintenance fees, processing fees and offer longer contracts that their traditional counterparts. In some cases, people do not know what they are signing up for when applying for these high-price credit cards. Some subprime issuers mask fees and other rates within hard-to-read paperwork. It is only after people are in financial jeopardy that they learn about these fees. 

Those who would like to rebuild their credit score through credit cards may want to seek pre-loaded cards. Mainstream credit card companies allow people with low credit scores to pre-pay money onto cards and use them just like a credit/debit card. This may be a better option for those seeking credit cards after filing for bankruptcy.