Its true....that plastic piece looks a small thing and seem to be an ignorable object no doubt, but the monetary debt generated out of it is really demonic & scary.....it is enough to disrupt your otherwise peaceful financial life. And the debt scenario of this type in US is staggering, indeed.....inspite of US govt. taking several steps at times & distributing several public tips to brun the card debt of poor Americans. But, among al;l other debts, the debt with your card is the worst thing for your life....it may easily hamper your tension-free life. Right now, people from half of America are drowned in debt they have produced on their credit cards. And what are the reasons of such huge amount of money on cards being irregularly paid or not paid at all?
Well, we always know the main negative factors:
1) ill-measured, unlimited use of cards, always beyond the credit balance given....without considering one's financial capacity to repay all these;
2) Incorrect expense budget calculation or NO BUDGET CALCULATION at month's begining....so no idea of what are all to be purchased, purchasing upto what amount to be maid this month to balance between income & expense;
3) Cursed habit of taking loans every now and then....for each unimportant items that come in way, without considering the true necessity;
4) We use a huge no. cards, provided by different lenders....its a damn fatal habit. Its a very linear equation: more cards you use, more "missues" of your cards actually you are making by making unrestricted & unleashed use....means, more debt is mounting up on each of your cards at month's end. Add those individual debt up together.....you shall faint seeing the figure.
Indeed, there are more to discuss on this topic......but thats all for this post.....I shall come up with more on the next one.