Credit Card Debt Can Spiral
Out of Control Quickly
Credit card companies make it even easier for you to ignore that existing balance with incentives to continue making purchases such as low, or even 0% interest rates for a promotional period of time, cashback and point systems. Only to raise the fees and interest rates shortly after you’ve committed. These deals often favor the credit card companies because you end up impulsively spending trying to save a few dollars here and there.
Tempting credit offers, poor financial management, and unnecessary spending are not entirely to blame for credit card debt going unresolved. You may have recently suffered financial hardship such as the loss of a job or a spouse and have temporarily relied on your lines of credit to make ends meet. Since we have no control over when these things happen in life, it is best to spend responsibly and be aware of our credit card spending habits