Credit, when used in this way, is a very welcome convenience. Recently, however, many families are finding the cost of credit an increasing hardship. More and more people are using credit to purchase items they would not otherwise be able to afford, given their annual salary and savings. Unfortunately, many people make the costly mistake of purchasing these items on their credit cards anyway, without figuring how they will meeting their monthly expenses, plus the payment to the credit card company. There are many ways to borrow money.
Most people find themselves in credit card trouble as a result of two many unsecured purchases.
Many people run into difficulty when they charge a lot on their credit cards, fail to pay off the balance, and continue to charge. Problems arise when they use their credit cards, paying only the required minimum payment each month. As the balance grows, they have a difficult time getting out from underneath their debt. Many borrow from one credit card to pay off another, ringing up more debt in interest payments. Inability to pay off debt is an increasing problem.