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The Particular Problems With Credit Card Debts |
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By Nicholas Hunt
 The developed world's population is indebted to a level never seen before, with the majority of people owing money to banks and other financial institutions. Mortgages and home loans account for a large part of this record debt - after all, with the recently ended surge in property prices, how on earth could the average person ever afford to buy without getting deeply into debt?
Bank account overdrafts and personal loans also form part of the debt mountain, but one of the most common forms of unsecured debt is that owed on credit cards. Unfortunately, given the widespread nature of credit cards, this type of debt has particular problems which make it one of the most difficult to deal with.
Firstly, for most people the interest on a credit card is pretty high by the standards of many other kinds of finance. Of course, you'll see advertisements for cards offering less than 10% APR, but these are aimed at the financial elite, and most of us are paying rather more than that. This alone means that credit cards should be seen as a |
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