Cedit Card Debt
‘Cedit 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 ‘Cedit 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 cedit card casualties (rather cedit card debt related casualties) is that many people don’t understand the concept of cedit cards properly. They treat cedit 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 cedit card debt. They keep spending till they reach the cedit limit on their cedit card. Some people go to the extent of treating that like a game and consider it a defeat (or consider their cedit card under utilised) if they don’t hit the cedit limit quick enough. These unnecessary spends result in a situation where they are not able to payback their cedit card bills and end up paying interest on the amount they owe. This keeps building up their cedit 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 cedit card. That is cedit card debt on the prowl. Soon they find that their current cedit card can no longer handle their needs and start looking to get another cedit card. With the new power of cedit, they let themselves loose again and follow a ‘shop till you drop’ routine. Soon the cedit limit of the new cedit card is reached too and they again default on payments. This is how cedit card debt builds. Soon they learn about cedit card debt consolidation and other cedit card debt elimination techniques. They are quick to grab such cedit card debt reduction techniques, but that’s not because they are serious about reducing their cedit card debt but because of the attractive low APR offers. As if it were booty, they again get back to building up their cedit card debt. All the while they are spoiling their cedit card rating and they soon realise that no one is ready to lend them money because of their cedit history. They can only get a secured cedit card now (where you first deposit money into your cedit account and then only you get the privilege of spending it (50-100% of it) using their cedit card. cedit 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 cedit cards and treat cedit card debt with all seriousness”.
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