Is There Hope for Credit After Bankruptcy?Many people wonder if they will be able to obtain credit after a bankruptcy, and the answer to that is an astounding YES. There are plenty of lenders who cater specifically to people who have had a bankruptcy, but when you see the ridiculously high interest rates on the credit card offers you may wonder if you can do better. This article will give you some information on interest rates on loans and credit cards after bankruptcy.Interest Rates On Credit Cards After BankruptcyBecause credit cards are considered unsecured loans, lenders charge a much higher interest rate because of the risk. After a bankruptcy you are considered to be a very high risk to lenders so you will pay the highest interest rate tier, which can range from 22% – 30%. Although this may seem daunting, it will get better with time. Make sure the credit card that you choose reports your payment history to the three major credit bureaus. As your payment history improves and your credit score increases, you can apply for cards with lower interest rates. This may take anywhere from 6 months to a couple of years, depending on how many positive trade lines that you reestablish on your credit report.Interest Rates on Car Loans and Home Loans After BankruptcyUntil you reestablish your credit you will only be able to obtain a sub-prime mortgage and a high interest rate auto loan. This can mean significantly higher payments so it would be wiser to wait a couple of years to rebuild your credit. It will be well worth it if you take into account the interest savings between someone fresh out of bankruptcy, and someone who has reestablished a positive payment history. Start out by getting a couple of credit cards specifically designed for people with bad credit. Orchard Bank is a great place to start. Always make your payments on time and use your credit responsibly. As your credit score improves with your new positive payment history, you can work your way up to cards from more establishes banks, and eventually other loans.