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The Secret Behind Credit Card Debt

April 12, 2012 | Comments: 0 | Views: 105

Credit card debt has a habit of creeping up upon you. At first you may hardly notice that things are getting out of control. However, bit by bit more of your expendable income is going into servicing your little plastic friends. Then some fine day, you decide to take a detailed look at your credit card bills. To your shock and horror you discover that those bills are getting out of hand.

For a while you manage to stabilize things by getting yourself another low interest card, perhaps one which has a zero percent transfer fee for the first six months. However, pretty soon this introductory offer has dried up and has now moved onto high interest levels. So the debt begins to increase again, although this time it is higher still because you have been using your cards to make even more purchases during this period. Around this time you may even have considered taking out a consolidation loan. Perhaps you have even taken out such a loan, only to find yourself back where you started within a year or so after taking out that loan.

If this picture sounds familiar to you, if you have also gone down the road of acquiring many credit cards and just don't seem to be able to free yourself of them, and if you are now up to your neck in credit card debt, then you are not alone.

Here's The Truth

The reason why you, just like so many people, are stuck in credit card debt comes down to a few factors which appear to be a big secret because, they are rarely talked about. Even fewer people understand the implications of these factors. The reason why you, like so many people, are entrapped is due to the following factors:

• The "buy today and pay back tomorrow" lifestyle. • The "don't take a responsibility attitude". • Double digit interest rates. • Low minimum repayments.

Briefly put, the secret behind your credit card debt lies in present society which emphasizes the "buy today and pay back tomorrow" lifestyle. In our present World culture, we are constantly pressurized into making purchases and financial decisions based upon keeping up with the Jones's rather than living within our means.

Furthermore, it is compounded by the "don't take a responsibility attitude", which is the attitude wherein we blame everyone else for our problems. It is the attitude, which is so popular today, and which makes us feel like a victim.

Importantly, when we buy into this attitude we disempower ourselves. It is this kind of thinking which has us reaching for a new consolidation loan rather than making changes in our lifestyle instead.

When these two attitudes are combined with our little plastic cards, with their double digit interest rates and their low monthly repayments, it places us firmly onto the high debt roller coaster. Because, the minimum monthly repayment is designed to keep us in debt, it can take anywhere from 7 to 20 years in order to pay off a credit card on the minimum payments. During this time the interest is accruing and of course most people just keep on buying new things on their cards.

This is the secret behind credit card debt and this is why, no matter how hard you try, you just cannot manage to get out from under it. The system is against you, this system which is designed to keep you in a victimized consumer role, whereby you just keep on tagging along, making minimum repayments and hoping that things improve somehow. Of course things do not improve. Sooner or later the roller coaster has to come to a stop because eventually when things really get out of hand, you reach a stage whereby it is not possible to meet the monthly repayments and instead you find yourself defaulting on them.

This Is Not The End

Fortunately, this is not the end. Indeed, it can even spell a new beginning.

If you have now found yourself embroiled in credit card debt, then do not despair. What has been keeping you in this dark place is not mysterious or magical, and like all problems there are solutions at hand. What has really kept you a prisoner of debt lies in the fact that you try to live like everyone else and yet somehow you mysteriously get embroiled it. However, as noted above, the debt is a side effect of the society in which we live. While it is painful to find yourself in mounting debt, it is possible for you to get out of it and more importantly to stay out of it.

If you find yourself in this position, then the first step involves waking up to your situation and taking affirmative action which leads towards a solution. By learning more about credit card debt and how it has entrapped you in a painful cycle, it paves the way for you to find a solution which will work at creating the freedom which you so desperately need. So let go of the victim role and start today to work your way back towards credit card debt freedom.

Source: EzineArticles
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