Tax related and Everything Goes

Credit card debt is a much discussed topic in both commercial and public circles. A large section of the population has has gotten itself into trouble with credit card debt.

The main reason for so many credit card related casualties is that many people don’t understand the idea of credit cards properly. They treat credit cards as free money. So all the discipline, which would otherwise have been exercised when spending hard-earned money, goes by the by.

Which means that people overspend and get into credit card debt. They keep spending till they arrive at the credit limit on their credit card. Some people treat it like a game and consider it a defeat (or consider their credit card under utilised) if they don’t hit the credit limit fast enough. These needless spends result in a condition where they are not able to pay back their credit card debts and end up paying interest on the amount they owe.

This keeps increasing their credit card debt and they soon discover that the interest constituent has become a standard feature in their monthly expenses and it is there even if they spend nothing on their credit card. That is credit card debt at its worst. Soon they realize that their current credit card can no longer handle their requirements and they start looking around to get another credit card. With the new credit, they let themselves free again and follow a shopping schedule. Soon the credit limit of the new credit card is reached too and they again shirk on payments. This is how credit card debt accumulate.

After a while, they might hear about credit card debt consolidation and other credit card debt elimination techniques. They are quick to grab such credit card debt reduction methods, 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 treasure, they again get back to building up their credit card debt. All the while they are spoiling their credit card status and they soon come to understand that no one is prepared to loan them any money because of their credit record.

At this point, they can only get a secured credit card (ie where you first deposit money into your credit card account and then only do you get the privilege of spending it (50-100% of it) using a credit card. Credit card debt collection agencies, the auction of their goods and bankruptcy is the next thing that awaits them and their dream is blown away in a moment.

Don’t get caught up with credit card debt. You cannot win, unless you die.

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