Americans Are $900 Billion In Credit Card Debt. Are You In Credit Card Debt Too?
According to the latest statistics, Americans are $900 billion in credit card debt. Are you one of them too? In fact, most of my American buddies are contributors of this $900 billion credit card debt.
What has caused the Americans to be trapped in more credit card debt than ever ? $900 billion worth? It’s surprising that even people with excellent credit who always make their payments on time are starting to default on their credit card payments or having a hard time paying off their credit cards.
The recent credit crunch that is in large part behind the bust on Wall Street is one of the causes. The rising prices of just about everything and the Christmas and New Year holidays just around the corner are undeniably also the causes that many Americans use their credit cards more than ever.
While credit card users are to be blamed for their spending habits that result in credit card debt, banks and credit card companies should also take the blame too.
The banks and credit card companies that easily approve credit card applications should be responsible for the now-than-ever high credit card debt. Don’t you think the banks and credit card companies should enforce stricter requirements when it comes to who qualifies for credit cards or higher credit limits?
It’s so common to see that anyone that can fog a mirror can get a gold card. Or an existing credit card holder is suddenly offered a large credit line without checking his or her credit history first.
If the banks and credit card companies had enforced stricter requirements when it comes to who qualifies for credit cards or higher credit limits, there would be less than $900 billion credit card debt now.
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