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Eliminate Credit Card Debt » Credit Card Background
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Eliminate Credit Card Debt

Eliminate Credit Card Debt

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Credit Card Background

In the United States there are well overall one million bankruptcies of individuals each year. A very large proportion of these are caused by credit card debt which has simply gotten out of control. For the most part, the overwhelming feeling that most people suffer from once they become victim to this type of problem is embarrassment. The truth of the matter is far more complex. All of the major financial institutions have engaged in some quite predatory business practices in this area over the years and the fact that ordinary people have run up large debts under credit cards as a result should not really come as a shock.

All of the major financial institutions give the impression that they are in the business of lending money. To some degree this is true but it has to be borne in mind that there is also a very predatory aspect to a lot of their behavior.

A lot of the trouble arises from the fact that the credit cards are essentially designed to be a very very short-term form of credit. As a result of this the interest rates are exorbitantly high. The problem is when people finish up in a situation where they have ongoing debts outstanding on credit cards over an extended period of time. This, in effect means, that what they have is a long-term loan where the interest-rate that will be at anything up to five times the standard rate and with almost no chance of ever paying off the principal. Nobody in their right mind would ever take out a medium-term loan of this nature and it’s the way that the credit card companies allow individuals to slip into this type of situation that creates a lot of the problems.

Once you have made the decision that you need to eliminate your credit card debt, you are probably just taken one of the largest steps toward securing your financial future. The growing of any level of wealth or comfort is always going to rely heavily on having efficient and sensible forms of financing. Any level of credit card debt is invariably the worst possible kind of medium-term credit so fixing that problem as quickly as possible is a major step on the road to a sound financial future.

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