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By Dermot Farrell Copyright © 2012

The Secret Behind Credit Card Debt – Copyright 2012 –

The processes which combine, to create credit card debt come from a number of alternative sources, which appear innocent enough when explored on their own. But keep in mind, when amalgamated they end up in a tangled web, which conspires to entrap the debtor into a veritable sea of debt. In a situation where you are interested in learning the secret behind credit card debt, and figuring out how to escape from this debt, then continue on to learn how to break through the secret behind credit card debt! Credit card debt has a habit of sneaking up on you. At the outset you may pay little attention to the fact that things are starting to get out of control, however, keep in mind as time passes more of your expendable income is ending up paying for your little plastic friends. Then some fine day, you make up your mind to take an in-depth look at your credit card bills, and to your astonishment and horror, you realize that your credit card debt is spiralling out of control. For a little while you happen to stabilize the situation by getting yourself another low interest credit card, most likely one which has a zero percent transfer fee, for the first six months. However, keep in mind, that all too soon this original rate will run out and so too this card will end up on the big interest rate, and so the debt begins to increase again. However, this time it is higher than before due to the fact that you have been relying on your cards to make more purchases during this time span. Around now you may even have contemplated taking out a credit card debt consolidation loan. Conceivably you have even investigated taking out such a loan, and find yourself back right back where you started after a year or so after taking out the loan. Now if this description appears familiar to you, if you have a few credit cards and basically just don’t seem to have what it takes to free yourself of them, then you are not on your own!

The Secret Behind Credit Card Debt The argument why you, just like so many people, are mired in credit card debt relates to a few components which manifest to be a great secret because they are infrequently spoken of, and even less people understand the ramifications of these considerations. The secret behind credit card debt, and why you just like lots of people are in the mire of credit card debt, is a result of the ensuing list of elements: • The “buy today and pay back tomorrow” lifestyle. • The “do not accept any responsibility attitude”. • Double digit interest rates on credit cards. • Extremely low minimum repayments. Simply put, the secret behind your credit card debt lies in today’s societal emphasis on the “buy today and pay back tomorrow” style of living. Within our present World culture, we are constantly persuaded into making purchases and financial decisions focused upon keeping up with the Jones’s, in preference to living within our financial means. Additionally, it is compounded by the “do not

The Secret Behind Credit Card Debt – Copyright 2012 –

accept any responsibility attitude”, which is the outlook at which point we put blame our problems on everyone else! It is this attitude, which is so dominant today, and which makes us feel like a victim! Characteristically, when we buy into this behaviour we remove our own power, and when applied to credit card debt, it is this type of thinking which has us signing up for a new credit card or credit card consolidation loan, instead of making improvements in our lifestyle instead.

Best Methods to Lessen Credit Card Debt by Paying Well Over the Minimum Payments In the event, that you have been contemplating how you can decrease credit card debt, and then you will find that there is a great deal of choices available for you. Some of the most notably accepted directions to reduce credit card debt is budgeting. One of the single best performing budgeting methods comprises paying out a higher rate than the monthly payments on your credit cards, each month. If by chance you have been considering the best methods to diminish credit card debt by budgeting, then do bear in mind this exceptionally valuable debt cutting method. As soon as both of these two mind sets (the “buy today and pay back tomorrow” lifestyle and “do not accept any responsibility attitude”) are combined with our little plastic friends, with their doubledigit interest rates and their low monthly repayments, it places us decisively into the credit card debt roller coaster! Due to the fact that the minimum monthly repayment is constructed to keep us in debt, it can take anywhere from 7 to 20 years (depending upon the credit card) to pay off a credit card, on the minimum payments! And for all this, while the interest is accumulating, most credit card holders simply keep on opting to buy new things on their credit cards! That is the secret behind credit card debt, and that is why, regardless of how actively you try, you just really cannot get away from your credit card debt. The system is not in your favour as it is designed to keep you in a victimized buyer role, by which you just stay tagging along, making minimum repayments and praying that matters improve by some means. Inevitably the roller coaster has to stop dead, all because in the long run when factors really get out of hand you, similarly like a good many other people, you come to a stage in which it is no longer possible for you to make good on the monthly repayments, and instead you find yourself defaulting on them!

This Isn't The End! Fortunately, this may not be the end. As a matter of fact it might even be a new beginning. If you've now found yourself sunk deep in credit card debt, then don't ever lose faith! What has been maintaining you in credit card debt is not actually mystical or magical, and similarly to most situations in life, there are explanations at hand. What has definitely made you a prisoner of credit card debt is the big secret, a system of debt mixed with poor financial attitudes which maintains your indebtedness! However, as noted before, the debt is a side effect of the society in which we live, and even though it is unbearable to find yourself in credit card debt, it is possible for you to beat it and to stay clear of it forever. Should you notice yourself in falling into credit card debt, then the initial step means becoming aware of your situation and taking positive action that helps you to get out of credit card debt.

The Secret Behind Credit Card Debt – Copyright 2012 –

The Secret Behind Credit Card Debt  

The secret behind credit card debt lies in several different sources, which appear innocent enough when considered on their own, however whe...