Archive for June, 2005

Credit Card Debt – Why Credit Card Debt is So Dangerous

There are two obvious reasons why credit card debt is so dangerous.
First, credits cards are easy to get, so most people have more credit cards than they need.  The more credit cards you have, the more you spend, and obviously that is very dangerous.
The second obvious problem with credit cards is that they typically charge a very high interest rate, often two or three times as much as a regular bank loan.  If you don’t pay off your balance in full each month, you will pay a high rate of interest, which means it will take you a long time to eliminate your credit card debt.
If you carry a balance each month on more than one credit card, make an appointment for credit counseling so that you can deal with your credit card debt.