In a society where the costs of goods and services continues to rise and incomes remain stagnant, swiping the credit card to get the necessities needed to live is a habit many are familiar with; so much so that they probably dont realize how often they are doing it.
The problem with this way of living is that it often leads to trouble, such as repossessions, or worse foreclosure, or even more worse, bankruptcy. Oftentimes people get too far into debt to get themselves out. Credit cards come with high interest, which can be hard to pay each month if you are carrying a balance $6,000 or more. Depending on the interest rate, a person with this type of balance on their credit card could be facing a minimum monthly payment of $300 or more, and most of that is interest.
There are good lenders and bad lenders. You should always look at credit card companies as bad lenders, a necessary evil you need to use on occasion to make ends meet. Dont be grateful for their services because they are making a ridiculously huge profit from you. Good lenders though, are available to help get you out of trouble when youre entrenched above your head in debt.
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