Don’t Let Your Credit Card Debt Control You
Credit card debt should not be taken lightly under any circumstances, even though they are “unsecured borrowing” in a way and your lender is not at liberty to recover debts through repossessing any goods or assets. If you have credit card debts that remain unpaid for long enough, it can make it much harder to borrow in future because your credit score is impacted negatively. What’s more, this negative impact may carry over to your career as well. A trap many people fall into when using credit cards is that they believe there’s zero interest on balance transfers or purchases – this is not quite the case as there are always costs involved one way or another.
Common Causes of Credit Card Debt
Even though credit cards appear to be a simple instrument of borrowing, they can easily turn into a nagging debt problem. Common causes of credit card debt include using your credit card to withdraw cash. Withdrawing cash entails a fee and higher interest rate, as opposed to special offers and interest rates you get through a debit card.
Causes of credit card debt also include: