Don’t let yourself fall into bad debt because of excessive credit card debt & other non affordable debts. A person with bad credit will find it difficult to apply for a Secured Loan & other forms of credit. Some people swap credit cards, moving on from one credit card to another that offers a better deal while maintaining existing credit cards. Such credit card users also use the credit cards to help pay each other off. While it can be seen as clever usage of juggling credit cards, having debt on all of the owned cards could prove unwise; propelling the user ever closer to serious debt problems.
The British Bankers' Association figures have been cited to indicate that £30.4 billion is owed on credit cards by the UK's borrowers. A lot of people are going into debt while credit card suppliers seem to be more concerned with making new products & having customers to buy their products. One possible way of curbing excessive credit card debt would be to develop a system for calculation of applicable credit card limit at the individual level. Also, mechanisms that provide proactive warning based on user’s credit card usage & even imposing early restrictions would help avoid excessive credit card debt. Perhaps some day it would be mandatory for credit card applicants to attend compulsory seminars about the dangers of excessive credit card debts before being given a successful credit card application.
The British Bankers' Association figures have been cited to indicate that £30.4 billion is owed on credit cards by the UK's borrowers. A lot of people are going into debt while credit card suppliers seem to be more concerned with making new products & having customers to buy their products. One possible way of curbing excessive credit card debt would be to develop a system for calculation of applicable credit card limit at the individual level. Also, mechanisms that provide proactive warning based on user’s credit card usage & even imposing early restrictions would help avoid excessive credit card debt. Perhaps some day it would be mandatory for credit card applicants to attend compulsory seminars about the dangers of excessive credit card debts before being given a successful credit card application.
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