The Ascertainment of Financial Freedom, Fear and Work

How to Avoid Credit Card Debt People use credit cards to buy groceries, go shopping, and do many other things. They use credit cards like candy. When people get their credit card bills, they pay the minimum amount due because they become scared and afraid that they will spend more than they have. These obsessive-compulsive spenders spend money for absolutely no reason. Most credit card companies give consumers credit card offers because they know that consumers will accept them, especially around Easter, Thanksgiving, and Christmas. Up to 75 percent of people who pay the minimum amount due have debt on credit cards. Paying the minimum amount on a $1,000 balance can lead to more than $500 in finance charges. Credit card companies charge 14–30 percent in interest. Having more than $5,000 in credit card debt could end up costing more than $10,000. Do you really want to pay almost double the amount of your bill in finance fees? Many people who have credit cards apply for other credit cards. They use multiple credit cards and think they are doing the right thing. Using multiple credit cards all the time and only paying the minimum can lead to exceeding the credit limit. If you can’t keep up with the fees, you will soon be filing for bankruptcy. When people file for bankruptcy, credit card companies love to give them credit. If they go into debt, they can’t file for bankruptcy again for eleven years unless the court approves it. Once someone files for bankruptcy, he or she can’t file again for eleven years, so spend your money wisely and carefully.