'Credit card debt' is really a a lot discussed topic within the commercial and social circles
. A big section of the population has been bit by this bug known as 'credit card debt'. We Can't blame them much; as such, it's pretty easy to fall prey to this bug.
The primary reason behind so numerous credit card casualties (rather charge card financial debt related casualties) is that numerous individuals don't comprehend the idea of credit cards correctly. They treat credit card as totally free cash that's never to be returned. Thus all the discipline, which would otherwise have been exercised with investing hard-earned money, goes for a toss. That means people overspend and get into credit card debt.
They keep investing till they reach the credit limit on their charge card. Some people go to the extent of treating that like a game and consider it a defeat (or consider their charge card under utilized) if they don't hit the credit score limit fast enough. These unnecessary spends result in a situation where they aren't able to payback their credit card bills and end up paying interest on the amount they owe. This keeps building up their charge card debt and they quickly discover that the interest component has turn out to be a regular feature in their monthly expenses and it is there even if they spend nothing on their charge card. That's charge card debt on the prowl. Soon they find that their current charge card can no longer handle their needs and begin looking to obtain another charge card.
With the new power of credit, they let themselves loose again and follow a 'shop till you drop' routine. Quickly the credit limit of the new charge card is reached too and they again default on payments. This is how charge card financial debt builds. Quickly they learn about charge card financial debt consolidation and other charge card debt elimination techniques. They're quick to grab such credit card financial debt reduction methods, but that's not simply because they are serious about reducing their credit card financial debt but due to the attractive low APR provides. As if it were booty, they once again get back to building up their credit card debt.
All the while they're spoiling their charge card rating and they quickly realize that no one is ready to lend them cash due to their credit history. They can only get a secured charge card now (exactly where you first deposit cash into your credit account and then only you get the privilege of spending it (50-100% of it) using their charge card. Credit card financial debt collection agencies, auction of their goods and bankruptcy is the next thing that hits them and their dream run is blown away in a moment.
The moral of the story - "Understand the concept of credit cards and treat charge card financial debt with all seriousness".