The need that some people have for so many things cluttering their lives is really having an effect on the ever increasing credit card debt. As every year passes, the number of people that become victims of the banks willingness to grant ever increasing credit card limits, is growing to plague proportions. And if the limits are not raised enough then the consumer has plenty of options available to get more cards from other suppliers.
The recent Global Financial Crisis should have been the wake up call for the banking institutions as charge card debts are spiraling out of control but nobody is prepared to bit the bullet and say “enough”. Consumers of credit are left to struggle each month making the payments on debts that they should never have been allowed accumulate in the first place. The problem is not going away and the financial institutions are continuing to allow credit in ever increasing amounts to people who can ill afford to be in debt.
If you have several credit cards then you are at risk of becoming a statistic in this credit-debt-bankruptcy spiral. In most bankruptcy cases credit card debt is the prime reason for the financial crisis. The last thing on peoples minds when they are over-purchasing on their credit card is the additional interest they will be paying on top of the ticket price and how long they will be paying for the item because of the high interest rates.