Lies, Lies, Lies… How They Trick You Into Amassing Credit Card Debt (Part 1)

Lies, Lies, Lies… How They Trick You Into
Amassing Credit Card Debt (Part 1)

Want To Become Wealthy? Start Offering Credit Cards!
Did you know that collecting credit card debt is one of the most lucrative businesses to be involved in? Every year credit card companies make billions of dollars off of interest rates, late charges and other fees associated with using their credit cards. Even it today’s credit crunch and failing economy, they are still raking in astronomical income and profits. Question, “What is the key to their phenomenal success?” Answer, “The ability to convince, persuade and seduce consumers to, “Charge it!” The more people they can get to pile on debt, the richer they become. Having said that, I’m going to share six common lies entrenched in the American psyche about credit card debt. These widely accepted lies have helped fuel our out of control accumulation of credit card debt.

Credit Card Debt Lie #1
You Can’t Live Without Credit Cards
The reality is if you are depending on credit cards to fill the gap in your pay or take care of emergencies, you are waltzing right into the credit card debt trap. You may feel that you can't live without credit cards but the truth is, you can. It may take a major shift in your spending and saving habits, but you can do it.

Most people don't know that credit card debt is the number one factor that leads to debt trouble. That is until their plastic money runs out and their massive debt load starts to resemble Mount Everest.

Credit Card Debt Lie #2
You Need Credit Cards For Emergencies
One of the greatest debt accumulation lies ever told is the one about credit cards being great for emergencies. Time and time again, credit card holders convince themselves to apply for a credit car for emergency purposes only. But what they don’t do is properly define what an emergency is. Is it a one in a lifetime sale on a Flat Panel TV? Is it to buy a sofa, and get the loveseat for free deal?

As it happens, the majority of individuals start using their plastic money for the basic necessities of life: grocery shopping, paying bills, gasoline, ordering products online, entertainment, etc. You know the rest of the story; eventually they amass thousands of dollars in credit card debt they cannot afford. Now they are having a true emergency, how do they pay those bills before the debt collectors start calling?

Credit Card Debt Lie #3
No Money Right Now? No Problem! Just Charge It!
When the “get it today, pay tomorrow,” ads first appeared on the scene, the average consumer didn’t see this economic Tsunami rapidly heading their way. The ads touted some pretty tempting benefits. You could extend your buying power by 30 days or more, get 0% interest and receive credit card rebates with every purchase. The best one of all is the one were there’s no payment for 12 to 24 months!

Like lambs to the slaughter, people bought rooms full of furniture on credit and charged thousands of dollars in purchases to zero percent credit cards. The thinking was, when tomorrow came, they’d be in much better financial shape.

By the time tomorrow came, their credit card debt was totally unmanageable. There was simply not enough income to pay all of the minimum monthly payments and take care of their households. That’s when they realized what a massive mistake they made in believing that lie.

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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Lies, Lies, Lies… How They Trick You IntoAmassing Credit Card Debt (Part 1)

Lies, Lies, Lies… How They Trick You Into
Amassing Credit Card Debt (Part 1)