Before we can discuss a solution to your credit card problems you have to first recognize that there is a problem and that it’s not all your fault. A great deal of the debt you owe is a direct result of the very sophisticated marketing programs designed by banks and stores to entice you into using your credit cards.
Those “teaser interest rates” – we’ve all seen them... 0% for six months... but after that hold on to your hat as the rates go through the roof!
And then the pre-approval notices start coming in your mailbox from other credit card companies. Remember at this time, you had a good credit score and were a timely payer for the first few months, maybe even longer. Well, if you’re like most people you go ahead and take advantage of a “teaser low rate of interest” or higher credit limit and go for that second or third card.
Well, that’s how it starts. Throw in a new car with a special low or no money down deal and new furniture and the next thing you know you are rapidly approaching the crisis point where you can only pay the minimum amounts due.