When credit cards put you in jeopardy - by Gerri Willis
Consumers have racked up more than $2.2 trillion in purchases and cash advances on major credit cards in just the last year. And it's become a habit for them to spend more than they have. The overall credit card debt grew by 315 percent from 1989 to 2006, according to public policy research firm Demos. To compound the problem, fewer people are paying their credit cards bills on time. The percentage of people delinquent on their credit cards is the highest it's been in three years, according to CardTrack.com. With banks tightening their standards and the drumbeat of recession getting louder, there's no better time to grab control of your debt now.
1 comment:
When you owe too much money, you can't get credit. When you don't want to borrow money, you don't need credit. In those scenarios, what can bad credit score to do you? Nothing.
Besides, if you don't cheat, they can't put you in jail for owing money.
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