Excessive Credit Card Debt

Most people recommend the lawsuit of credit cards, quoting the benefits and convenience that originates from them. However, there is another group/line-of-thought that strongly opposes credit cards. The ground being ‘Excessive Credit Card Debt’, which is one of the most serious problems faced by the credit card holders and credit card industry. However, you can’t pulling the shutters on the credit card industry just because of a few irresponsible people (or even if it’s More than few). That is not a solution for whipping excessive credit card debt. Moreover, you can’t overlook the benefits associated with the credit cards.

The issue of excessive credit card debt can be looked at from 2 angles. First is addressing of the excessive credit card debt problem at the industry degree and second is the addressing of the excessive credit card debt problem at the individual’s degree i.e. at the credit card holder level. The first method affects increasing consciousness of the excessive credit card debt problem to the masses. This is more than or less beingness done currently too. However, there should also be an attempt to undertake this problem of excessive credit card debt at an even deeper level. This agency trying to invent a chemical mechanism to shot the problem (of excessive credit card debt) in the bud. This chemical mechanism should actually be a portion of the overall system. A batch of idea needs to travel into devising such as a mechanism. Lawsuit surveys should be taken up, statistics gathered and a proper forum formed (with representatives from the credit card holders and from the credit card suppliers). As of now, the credit card providers just look to be engaged in coming out with new merchandises and getting clients enrolled to those products. There is small attention paid towards addressing the problem of excessive credit card debt in the existent sense. Something like attending compulsory seminars on the root causes of excessive credit card debt could be made portion of the credit card application process.

Another manner of dealing with the problem of excessive credit card debt could be: developing a system for computation of applicable credit card bounds at the individual degree i.e. no standard/product-based credit limits. Then there could be chemical mechanisms for proactively warning the users about excessive credit card debt (based on their credit card usage) or even infliction of early limitations on noticing the first marks that lead to excessive credit card debt.

At the individual’s level, the treatment of the problem of excessive credit card debt would include following of best patterns (on credit card usage and turning away of excessive credit card debt) by the people themselves. A checklist or a set of inquiries could be provided to people for recognising the first marks of excessive credit card debt.

So, the problem of excessive credit card debt can surely be dealt with by putting together some serious thought at a broader degree together with subject at the individual’s level.