How did I get into this mess?

In todays financial climate many families are facing an ever increasing financial struggle.  All you have to do is pick up a newspaper, look at the evening news, or observe the rising number of for sale signs going up in the average neighborhood, to witness the state of our financial situation.  Not to mention the number of marriages that end in divorce, siting financial problems as the primary reason why.

Credit card issuers seem to be operating without any accountability in an industry where regulation is largely unheard of.  Credit card companies are charging interest rates as high as 24.99%, some even higher.  Many card holders find themselves making the minimum payment, an amount set by the card companies which will keep you indebted to them for sometimes over 30 years.  Think about this the next time you use your credit card to purchase your favorite latte, or any other consumable goods.  You will be paying on this stuff long after your kids are grown and gone!

Many of us had good intentions when signing up for a card.  We were to be responsible users and keep things under control.  We would only use the card for certain purchase, but, oftentimes the card is used for items we would normally pay cash for, groceries, gas, dinner out.  We promise ourselves that we will avoid the interest penalty by paying off the balance when the bill arrives.  As fate would have it, something comes up and the bill isn’t paid in full once it arrives.  Well, guess what?  Gotcha!  You have just become prey to the big corporations who make an industry out of the debt we carry.  If you make the minimum payment because money is a little tight, check the statement for the next month to see just how much of that payment actually went towards paying for the goods you purchased using the card.  Credit card companies have been at this game for a while a know how to play it well.  Its a small wonder we find ourselves living paycheck to paycheck as we continuely add profit to their bottom line month after month.  Trading our future financial prosperity for a perceived present need.

more to come…