Trend In Credit Card Debt
May 18, 2007 – 9:39 amI think it is the trend now to get into Credit card debt. Looking at my friends, many of them do not actually NEED a credit card in the first place but because it is so easy to apply for one and gain the approval, many of my friends hold multiple credit cards. I did question them about it and a couple of them told me that by having a credit card, they finally feel an adult. Is it possible? More responsibility, most probably! And to think that some of them are already bogged down by a student loan!
Sometimes I pity my friends who are caught in such debts at their age. Quite a few of them took out a student loan without actually understanding the student loan repayment process & debt consolidation options. Little did they know that not everyone could meet the monthly loan repayment schedule. Man can only plan so much, you know?
And then there are friends that are irresponsible and not disciplined enough to be near a credit card, let alone OWN one. I mean, how many young people actually evaluate the consequences of credit card debt? I don’t think they are many. The first step to relieve some of the pressures of credit card debt is to consolidate total credit card debt into ONE debt, which means lower monthly repayments and an improved credit score.
I think everybody should get educated in Financial Management 101 before applying for a credit card or taking out a loan.
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