Browsing Category: "Credit Card Debt"
Getting out of and staying out of credit card debt needs to become a personal mantra for the citizens of this world. In the over one million bankruptcies filed annually, credit card debt is cited as a major contributor. Most people fail to fully investigate just what they are getting into when they apply for a credit card.
Although taking the responsibility for the use of a credit card is a contract, many do not bother to read the fine print. After all it is just a tedious chore, right? Wrong, the fine print, as tedious as it is to read, outlines your contractual obligations in regards to the use of the credit card. As well, it outlines your repayment obligations when it is made use of. Little things like annual fees, annual interest rate, repayment period, and late penalties are outlined. Those Airmiles don’t look quite so attractive now huh.
We are the masters of our own fate right? We all like to blame the credit card companies, but the reality is that it is our own failure to educate ourselves on the obligations attached to the credit cards we use, and our indiscriminate spending which puts us in a financial mess. We compound the problem if we miss payments and continue to spend beyond our ability to pay. Rather than getting out of and staying out of debt, the financial hole grows ever deeper.
