Do you agree that Credit car is like a debt trap?

@ssh123 (31071)
India
May 26, 2007 5:02am CST
Easy enough to get into, hard enough to get out. Ultimately the borrower ends up paying interest, compound interest and penal interest. What is your opinion.
3 responses
@rladiga00 (1165)
• India
29 May 07
I do have a card but I never used it. My husband is very notorius in using the card and making purchaes and often I see him in some trouble repaying the card amount.
1 person likes this
@ssh123 (31071)
• India
29 May 07
You have to advise your husband to surrend all the cards and keep only one card for emergency use and not for regular use.
@mimpi1911 (25464)
• India
26 May 07
hi!! i used to own 3 credit cards and guess what, every month i used to end up buying far more than my budget!! obviously, paying time was tough. i am a spendthrift and a compulsive buyer and for someone like me, i think, its not agood idea to keep credit cards. as of now, i have no credit cards, i only carry debit cards which is working okay for me. no doubt, i am better off without it. thanks.
1 person likes this
@ssh123 (31071)
• India
29 May 07
You are a wise man and hope many of them follow this in their financial activities.
@golfproo (1839)
• Canada
26 May 07
Credit cards are a debt trap. I have always not wanted credit cards just for this reason. However, my wife got cards out, ran up a huge amount of debt under my name and then left me. Life just is not fair sometimes.
@ssh123 (31071)
• India
26 May 07
You have narrated your credit card experience very well which is an eye opener for all.Thanks for your response.