The Dark Side of Credit Cards

The Dark Side of attribute Cards Kathryn Elliott COM/156 20 February 2011 Since 1950 credit cards have been all(prenominal)owing individuals to make major purchases with the no money blast guarantee. Every day thousands of people fall into the trap of buying now and holding later that for some will burden in righting high interest charges, penalties, and in intense cases, result in passing double or flush triple the original cost of an item. Some people may even face bankruptcy for their inability to pay their debt. In July 2008 the New York Times stated that the revolving credit, which includes credit card debt, was 37% of the total consumer debt with the revolving debt at $962 snoution (New York Times, 2008). Consumers have a aptness to keep a credit card only to role for that rainy day only to find that the next succession they see that once in a lifetime sale, it becomes overly easy to pull out that piece of plastic. Of course when they birth that card in the mail consumers are overly aflame and end up buying items that will bury them in debt that gets more and more difficult to pay. Their mind is telling them that when the bill comes due at the first of the calendar month they will pay the total balance.

But eventually what happens is that the money is short for that month and they can only afford to pay the minimum balance, vowing to pay the remainder next month. This is the worst thing that the consumer can do. straightway what has happened is the balance of the card is adding up interest anywhere from 10-40% to each one month. If the consumer misses a payment, not only will they have to pay penalties and fees, but they may also lose the lower cast he or she once had and could now be go about with even higher percentage rates. If a consumer uses credit cards, they essential be responsible and manage every penny of their account. Credit card companies are not in the business to serve up consumers once they have made those purchases and realize that they cannot pay all the debt back. They are in the... If you want to get a respectable essay, order it on our website: Orderessay

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