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Do You Suffer From Credit Card Debt?

Jul 3, 2008
'Credit card debt' is a much discussed topic in the commercial and social circles. A big section of the population has been bit by this bug called 'credit card debt'. Can't blame them much; as such, it's pretty easy to fall prey to this bug.

The main reason behind so many credit card casualties (rather card related casualties) is that many people don't understand the concept of responsible usage. They treat credit card as free money that is never to be returned. Thus all the discipline, which would otherwise have been exercised with spending hard-earned money, goes for a toss. That means people overspend and get into debt.

They keep spending till they reach the credit limit on their card. Some people go to the extent of treating that like a game and consider it a defeat (or consider their card under utilised) if they don't hit the credit limit quick enough. These unnecessary spend result in a situation where they are not able to payback their card bills and end up paying interest on the amount they owe.

This keeps building up their card debt and they soon find that the interest component has become a regular feature in their monthly expenses and it is there even if they spend nothing on their credit card. That is credit debt on the prowl.

Soon they find that their current card can no longer handle their needs and start looking to get another credit card. With the new power of credit, they let themselves loose again and follow a 'shop till you drop' routine. Soon the credit limit of the new card is reached too and they again default on payments. This is how card debt builds.

Soon they learn about debt consolidation and other debt elimination techniques. They are quick to grab such debt reduction techniques, but that's not because they are serious about reducing their credit card debt but because of the attractive low APR offers. As if it were booty, they again get back to building up their credit debt.

All the while they are spoiling their credit rating and they soon realise that no one is ready to lend them money because of their credit history. They can only get a secured credit card now (where you first deposit money into your credit account and then only you get the privilege of spending it (50-100% of it) using their card. Credit card debt collection agencies, auction of their goods and bankruptcy is the next thing that hits them and their dream run is blown away in a moment.

The moral of the story - 'Understand the concept of credit cards and treat card debt with all seriousness'.
About the Author
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs

For more information and resource links on credit visit: Free Credit Counseling
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