Why People End Up In Credit Card Debt

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Society has brainwashed people to want that which they cannot have. People put themselves beyond their means to buy objects and houses they cannot afford to own. The credit card companies are monsters that prey on peoples wants and needs, and turns on their customers when payments are not on time. However it is not entirely their fault and it would be foolish to place all the blame on these companies.

The reason why people get into credit card debt is because they do not understand how they work. People do not want to save their money to buy the items they want or think they need because this can take a great deal of time. Also people often think that by having expensive items other people will think highly of them and buy these things to boost their egos and show off to their friends.

People do not truly understand how credits card work. There is more than swiping and paying for the items later. The credit card charges interest on items that people buy with their cards and these people end up paying big time for those little items later. If people were taught how credit cards work and were exposed to calculation charts before they used their plastic cards, less people would probably use credit or use it for only emergencies.

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Having good saving skills is essential to having a credit card. Too often people get credit cards and head straight to the mall and buy all these unnecessary items. People who use credit cards with no intent on paying the full amount should be extremely frugal when spending money with credit cards. Missing a single payment on a credit card bill can make the interest triple and they will do this without hesitation or warning.

As technology makes things more readily available for people,...

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...of them. What people like this do not understand is that even if they buy the brand new car or house, they cannot afford the upkeep for that car or house, and will fail into debt. “Debt robs a man of his self- respect, and makes him almost despise himself”

People also get into debt by trying to provide the best for child or by over compensating for their child. The parent may not have had very much growing up, so they showered their children in over abundance to make up for their childhood. The parents will end up in debt and will also end up with children who will probably have no sense of the value of a dollar. The child will have false illusions of the real world and will believe that money is a luxury that they can always afford and that is not the case. Money should be earned and appreciated and spent wisely so that a person will not end up in financial debt.

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