A credit card endorsed by groups such as colleges, sports teams, professional organizations, or special interest groups that are offered to their alumni, fans or members. Typically, use of the credit card gives financial benefit to the endorsing organization.
Most banks now have products without annual fees.
The status of being legally declared unable to pay your debts as they become due. Federal bankruptcy laws have been enacted which allow a person or organization to liquidate their assets to pay a reduced amount to their creditors or which allow the rehabilitation of the debtor by requiring creditors to accept reduced payments from future earnings of the debtor. A declaration of bankruptcy will remain on a person's credit report for at least 10 years and in some cases indefinitely. Declaring bankruptcy is generally considered a last resort. Credit card issuers assess finance charges by applying the APR to a balance.