Credit Card Debts

They say there is no positive side to credit card use. There is always the tendency to buy more when you have a credit card. Flashing and swiping the credit card on cashier counters is emotionally easier than getting cash from your wallet and using it to pay.

Although, spending on credit cards is not necessarily a bad thing, you will spend more when you use credit cards.

It becomes more of a problem if you do not control your spending and allow the monthly credit card bills to rollover paying only the minimum amount. This is a vicious cycle which snowballs until you are unable to pay even the monthly minimum.

If you do not pay your credit card debts on time or if you are unable to pay them at all, your creditors can force you into bankruptcy if you have debts of $10,000 or more.