Unfortunately for many people, accumulating debt is a great deal easier than accumulating wealth. Credit card companies freely offer cards with high limits and even higher interest rates, and it becomes all too easy for you to utilize the card when it comes to making purchases. But if you are not making enough income to pay off these credit card purchases, the high interest rates can quickly turn your credit cards into piling debt. Credit cards can be great for you to have on hand for emergencies which are unseen and necessary, like tax fees and vehicle repairs, which means that it can be a real lifesaver for you to have a credit card on hand when an expense springs up from nowhere.
Unfortunately, if you do not have the income to pay off the credit card debt that you accrued while paying off an unforeseen expense, you may find that the interest rate on your credit card is quickly turning your balance owed into a situation that you simply cannot manage. Sizable debt can be accrued very easily thanks to high interest rates and low minimum payments. And the fact that many people have a tendency to charge up credit cards without considering the fact that their income will...
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