Credit card is not the for the faint-hearted and requires a strong will and strong sense of self discipline.
New York, NY (PRWEB) July 09, 2014
National Debt Relief explains in a recent article published last July 7, 2014 some of the top reasons that can trigger credit card debt. The article titled “6 Common Causes of Credit Card Debt” talks to consumers on helping pinpoint some of the most common pitfalls of credit card debt.
The article starts off by clearly showing the US consumer’s dependency on using credit cards in everyday purchases. From a cited research, it shows that there are approximately 1.5 billion credit cards in circulation in the US being used by about 176.8 million consumers. With these numbers, a consumer can average of holding on to about 3.5 credit cards at any given time.
With these data, the article continues on to explain how credit card usage is partly to be blamed for being in debt. On top of the list is the readiness of the credit card holder for the responsibility of having available credit on hand to buy items. Credit card is not the for the faint hearted and requires a strong will and strong sense of self discipline. A credit card in the hands of a financially illiterate consumer can lead to catastrophic situations regardless how well meaning the purchases are.
The article shares as well that having multiple credit cards is a double-edged sword. There are a few consumers who are able to maximize this trick and keep an eye out on the balance and payments for each. But for some, having too many credit cards serves to be a disadvantage. One probability is missing payments for some credit cards in case the credit card holder misses a statement or overlooks one.
Another one is when life happens, credit cards should be used accordingly. One example of this is when two people get married, it would be tempting to charge everything on the card and pay off the debt with a combined income as husband and wife. But there are other ways of paying for marriage expenses apart from credit card. The article explains that preparing for life events can help minimize dependency on a credit card.
The article also shares that credit card holders should understand the fine print that came with the credit card. Important details such as payment cut off date, interest rate, and penalties and charges are important to know. It keeps consumer’s guard up and looks out for possible pitfalls in the use of the credit card.
To read the rest of the article, click on this link: http://www.nationaldebtrelief.com/15610/.