Credit Card Debt Can Spiral Out of Control
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- By cbgchisholm
- October 9, 2009
Many people, when they first get a credit card, tell themselves that they can handle the temptation that their credit cards represent. They firmly believe that there’s no way they’ll let themselves get into trouble with one – and then they get to the store and see the $500 leather jacket or the sunglasses or the running shoes or the brochure for the cruise to Tahiti.
Credit cards let us get many of the things we want when we technically can’t have them because we can’t afford them. As such, they’re very tempting to use and abuse, and many people rack up enormous, critical debts with them. Unfortunately, credit card debt - when it gets bad – will reach out and affect every area of your life. If you think the resulting bad credit report and bad credit score won’t bring you down, think again.
Credit card debt very often leads to defaulting, and that leads to a terrible credit report. If you’re unable to pay your debt, consider talking to your bank or issuer about credit card forbearance options before the situation becomes worse.
If you give yourself self-inflicted credit card wounds, you can say goodbye to a decent mortgage loan – and a decent home. You can say goodbye to affordable student loans – and the hope of a better job, and a better life.
Credit card debt not only results in greatly reduced options due to bad credit reports, it also has a massive impact on a person’s self-esteem and happiness. People with overwhelming debts often feel that they have failed miserably in their lives, and have “really screwed up.” Debt can and does trigger depression as well as dangerous substance-abuse escapism from reality.
Put it all together, and credit card debt and the problems it creates can soon consume a person who doesn’t try to get out from under it. The good news is that debt counselors and various organizations are all available to help people find solutions to their financial problems.