eqdom.com
More Articles
A problem called Credit Card Debt All about credit card rateBenefits of Re-Financingabout eqdom morocco, eqdom marocEasy Credit Cards - Good Or Bad?News Headlines
Asian stock markets rise amid growing h...
Published:Wed, 03 Mar 2010 07:51:21 GMT
HONG KONG - Asian stock markets rose Wednesday amid growing hopes of a solution to Greeces financial crisis.Major markets added less than 1 percent as the region extended its gain......
Published:Wed, 03 Mar 2010 07:51:21 GMT
HONG KONG - Asian stock markets rose Wednesday amid growing hopes of a solution to Greeces financial crisis.Major markets added less than 1 percent as the region extended its gain......
Asian stock markets rise amid growing h...
Published:Wed, 03 Mar 2010 01:37:17 GMT
HONG KONG - Asian stock markets rose Wednesday amid growing hopes of a solution to Greeces financial crisis. Major markets added less than 1 percent as the region extended its gai......
Published:Wed, 03 Mar 2010 01:37:17 GMT
HONG KONG - Asian stock markets rose Wednesday amid growing hopes of a solution to Greeces financial crisis. Major markets added less than 1 percent as the region extended its gai......
Asian stock markets rise after jobless ...
Published:Tue, 02 Mar 2010 02:15:31 GMT
Asian stock markets mostly gained ground in early Tuesday trading after U.S. markets climbed to their highest levels in more than a month and Japan reported its unemployment rate ......
Published:Tue, 02 Mar 2010 02:15:31 GMT
Asian stock markets mostly gained ground in early Tuesday trading after U.S. markets climbed to their highest levels in more than a month and Japan reported its unemployment rate ......
Asian stock markets mostly rise after p...
Published:Tue, 02 Mar 2010 06:53:11 GMT
HONG KONG - Asian stock markets were mostly higher Tuesday as positive regional economic reports and corporate dealmaking buoyed optimism about the global recovery.The upward move......
Published:Tue, 02 Mar 2010 06:53:11 GMT
HONG KONG - Asian stock markets were mostly higher Tuesday as positive regional economic reports and corporate dealmaking buoyed optimism about the global recovery.The upward move......
Asian stock markets gain for 2nd day (A...
Published:Mon, 01 Mar 2010 07:36:46 GMT
Asian stock markets advanced Monday after China said manufacturing grew at a slower pace last month, easing worries the government would accelerate its measures to cool the worlds......
Published:Mon, 01 Mar 2010 07:36:46 GMT
Asian stock markets advanced Monday after China said manufacturing grew at a slower pace last month, easing worries the government would accelerate its measures to cool the worlds......
translation powered by GoogleCredit cards are no more a luxury, they are almost a necessity. So, you would imagine a lot of people going for credit cards. In fact, a lot of people posses more than one credit cards. So, the credit card industry is growing by leaps and bounds.
However, the credit card industry and credit card holders are posed with a big problem called ‘Credit Card Debt’. In order to understand what ‘credit card debt’ actually means, we need to understand the workflow associated with the use of credit cards as such. Credit cards, as the name suggests, are cards on which you can get credit i.e. make borrowings (your credit card debt). Your credit card is a representative of the credit account that you hold with the credit card supplier. Whatever payments you make using your credit card are actually your borrowings that contribute towards your credit card debt. Your total credit card debt is the total amount you owe credit card supplier.
You must settle your credit card debt on a monthly basis. So, you receive a monthly statement or your credit card bill which shows your total credit card debt. You must pay off your credit card debt by the payment due date failing which you will incur late fee and interest charges. However, you have the option of making a partial (minimum) payment too, in which case you don’t incur late fee but just the interest charges on your credit card debt. If you don’t pay off your credit card debt in full, the interest charges too get added to it.
However, the credit card industry and credit card holders are posed with a big problem called ‘Credit Card Debt’. In order to understand what ‘credit card debt’ actually means, we need to understand the workflow associated with the use of credit cards as such. Credit cards, as the name suggests, are cards on which you can get credit i.e. make borrowings (your credit card debt). Your credit card is a representative of the credit account that you hold with the credit card supplier. Whatever payments you make using your credit card are actually your borrowings that contribute towards your credit card debt. Your total credit card debt is the total amount you owe credit card supplier.
You must settle your credit card debt on a monthly basis. So, you receive a monthly statement or your credit card bill which shows your total credit card debt. You must pay off your credit card debt by the payment due date failing which you will incur late fee and interest charges. However, you have the option of making a partial (minimum) payment too, in which case you don’t incur late fee but just the interest charges on your credit card debt. If you don’t pay off your credit card debt in full, the interest charges too get added to it.
So your credit card debt keeps on increasing, more so because the interest rates on credit card debt are generally higher than the interest rates on other kind of loans/borrowings.
Further, the interest charges add on to your credit card debt each month to form the new balance or the new credit card debt amount. If you continue making partial payments (or no payments) the interest charges are calculated afresh on the new credit card debt. So you end up paying interest on the last month’s interest too. Thus your credit card debt accumulates rapidly and soon you find that what was once a relatively small credit card debt has ballooned into a big amount which you find almost impossible to pay.
Further, the interest charges add on to your credit card debt each month to form the new balance or the new credit card debt amount. If you continue making partial payments (or no payments) the interest charges are calculated afresh on the new credit card debt. So you end up paying interest on the last month’s interest too. Thus your credit card debt accumulates rapidly and soon you find that what was once a relatively small credit card debt has ballooned into a big amount which you find almost impossible to pay.
Moreover, if you don’t still control your spending habits, your credit card debt rises even faster. This is how the vicious circle of credit card debt works.
Digg
| 
Reddit
| 
Mixx
| 
del.icio.us
| 
Stumble it! | 
| Share it
|
Comments submitted from other visitors |
More posts, Page # :
