Credit cards and other cool stuff
Due to this sudden loss of income, they were unable to meet their monthly mortgage, loan and credit card obligations. Many filed for bankruptcy protection. People who had the power to purchase almost anything they wanted just a few months before were powerless to do anything but sit back and watch their good credit rating slip away. In years past, bankruptcy would have meant that all purchases would have to be made with cash for at least seven years, rendering big purchases such as appliances and cars pretty much out of reach. Now, a creditor who wants to reestablish his good credit rating can turn to secured, or bad credit credit cards to start the process.