Credit cards can be a great boon to many people, and have been since the introduction of the first one, BarclayCard, back in 1966, which then enjoyed a monopoly into the seventies, when, in 1972, Access was launched. Nowadays every major ( and minor) Bank, large store, etc, have added to the virtually thousands of cards to choose from. The introduction of so many plastic money sources, for many of us, has caused an uncontrollable temptation to spiral into consumer debt.
Do you really know how many credit cards you carry and what their balances all are?
Do you know what the rate of interest is on these cards?
Do you have a list of long-pending bills?
Do you know your exact financial situation?
But these producing companies only have one thought in mind. They are not thinking of the convenience that plastic money brings to us, or for those of us that use the interest free period, but for those of us that take the easy temptation into debt not considering where the real money will come from to repay these debts.
Worse of all, there are virtually no controls whatsoever over these card issuing firms, especially over their extortionate interest rates. I saw one card, with an interest rate of 35%.
Because this temptation is so easy, it doesn't matter whether you're already deep
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Resources
Getting Out And Staying Out Of Credit Card Debt
By William R. Nabaza of http://www.nabaza.com/ecommerce.htm, Mon Jan 2nd
Credit card debt is a major cause of over one millionbankruptcies each year. The reason is that many people get acredit card without researching and reading the fine print. Bythe time annual fees Read more...
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How Easy Is It To Get A 0 Interest Credit Card?
By Joseph
Back in the 1990s, if you had told most UK credit card users that one day they would be able to get a credit card offering them 0% interest they may well have Read more...
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