subject: Credit card responsibility [print this page] There are millions of United States citizens in credit card debt. The average person in credit card debt owes $15,000! Not $4,000 or $10,000, $15,000! The average person will have to pay 30-40 thousand dollars to the credit card company to pay that figure off after interest is added in.
Obviously there is a major problem going on here. Major credit card companies like Visa, Discover, and Mastercard get most of the blame. While increasing interest rates, hitting customers with crazy fees and charging rates of more than 20% in the first place is not the way they should run their business, consumers are still to blame.
A lot of good can come from owning a credit card. You can cover a bill if an "emergency" happens before payday, avoiding loan sharks. You can build up your credit and borrow money virtually interest free while you are still in a grace period. In addition, you can beeligiblefor great rewards and perks.
The blame falls on the consumer. Credit cards are financial instruments, not evil pieces of plastic. Do not use your credit card unless you have a clear plan as to how to pay it off. Using your card for the majority of purchases you make monthly is fine, as long as you can pay your balance off during your grace period. 15-25% interest rates will absolutely kill you financially over a few years if you let your balance spiral out of control.
Take control of your life, stop blaming others and own up for your mistakes! You can turn your financial life around, it has been done before and it will be done again.
