The Insidious Nature of Credit Card Debt

Sometimes, the worst part about amassing a large amount of credit card debt isn't necessarily the financial hole you've dug for yourself, but the hit you take in your emotions. You may feel as though you've been dumb, stupid, or gullible, (whatever label you choose to put on it) to fall into this trap of ever-increasing indebtedness.  You feel helpless to do anything about. If you've done it more than once, then the feelings are multiplied. This is not all your fault, as the credit card companies themselves bear some responsibility in how this has turned out. Let's look at some of the insidious ways you're made to first incur the debt, and then made to feel as though you alone are responsible for this.

Maybe it was for a good reason, such as medical needs, emergency house repairs, (plumbing, etc.). Or perhaps it was for a not so good reason, such as the wonderful all-inclusive vacation to St. Thomas.  The fact remains that a large amount of non-deductible debt has "somehow" grown to this ever-increasing monster, threatening to consume your financial future if allowed to. Believe me, I understand how easy it is to just whip out the plastic or to use those incredibly insidious "convenience checks", (convenient only to the company lending you the money) which allow you to deposit large sums directly into your bank accounts, or pay for a large purchase.  I mean, they look like one of your checks, right? They've got your name on them and everything! That's where the problems begin. It just gets easier and easier to use them.  It doesn't matter if you don't have the income to support this rising debt.

Before you know it, you're saddled with a large balance that may not have a large interest rate at first, but by the time you get around to paying it all back…let's just say you really don't want to know what it's going to cost you in the long run.

The prevalence in today's society to play now, pay later (much later!) is leading many Americans down a path that will be difficult to return from. If you take nothing else away from this article, know this: do yourself the biggest of favors and understand, really understand that the credit card companies are not your friends. They are out to make money, plain and simple, and they don't care about your personal financial well-being. That said, we are definitely moving toward a cashless society, so learning how to wisely use credit, and not simply be subject to what they would have you do is more important than ever.

If you can learn to take 100% responsibility for your life and the decisions you make you'll find that you will look to yourself for guidance, not MasterCard. A very wise person said that it's very important to know who your friends are, and essential to know who your enemies are.