How Did We Get Into Deep Credit Card Debts ? May 1, 2007
Posted by Vedis in : Credit Cards , add a comment
If this is your first visit to my blog. Welcome ! Look to the right sidebar - $60,000 credit card debts, excluding home loan and car loan.
How did you get so deep into debt trouble ? This is the common question asked by a lot of concerned bloggers. Well, through the efforts of my hubby and me. OK..I am serious. What I can say is lack of self-control.
I started off with my very first credit card in 2001. It was definitely difficult to get a credit card at that time. I still remember the lengthy and daunting process of getting the card approved.
However, getting a credit card has become too easy nowadays. I have been approached by credit card executives while shopping in the malls,doing transaction in the banks, going for trade fairs and bumping into roadshows by banks.
There are too many perks offered by banks. As an example, some banks even offer 0% credit cards on purchases from participating merchants, if you use their credit cards.
I have had 7 credit cards before (I once boasted to my hubby that I wanted to own 10 credit cards ! How silly !) while my hubby had 6.
When we realized that our debts had snowballed to more than $60,000, we started feeling petrified. We had been maxing out our credit cards regularly and paying off the balance in three months when it used to take one month !
What did we do ? You’ve got it , balance transfers ! Yes, from 0% balance transfers to 9% balance transfers. From bank A to bank B and then from bank B to bank C. Then, thought of debt consolidation for our credit cards.
We used to put the blame on the banks. But, now we have come to realize that we are at faults. We lack of self control. Once we admitted we were at faults, we actually took up our responsibility. We sat down and calculated the total outstanding we had at that time.
Once we knew how much our debts were, the next step was browsing through the internet reading articles which provide tips on how to get out of credit card debts, pay off credit card debts and other helpful resources.
After reading the articles on bad credit history, it finally dawned on us why it was difficult for us to obtain cards, car loan and home loan last year.
With sound credit card advice provided by thousands of internet sites, we have better grasps of the ins and outs of credit cards. Equip yourself now with more comprehensive and updated news about credit cards before you are in deep, deep debt trouble like us.
