Excessive Credit Card Debt
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Most people advocate the case of credit cards,
quoting the benefits and convenience that arises from
them. However, there is another group/line-of-
thought that strongly opposes credit cards. The reason
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
pull 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 beating
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 level and
second is the addressing of the excessive credit card
debt problem at the individual’s level i.e. at the credit
card holder level. The first method involves
increasing awareness of the excessive credit card debt
problem to the masses. This is more or less being
done currently too. However, there should also be an
effort to tackle this problem of excessive credit card
debt at an even deeper level. This means trying to
devise a mechanism to nip the problem (of excessive
credit card debt) in the bud. This mechanism should
actually be a part of the overall system. A lot of
thought needs to go into devising such a mechanism.
Case studies 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 suppliers just
seem to be engaged in coming out with new products
and getting customers enrolled to those products.
There is little attention paid towards addressing the
problem of excessive credit card debt in the real
sense. Something like attending mandatory seminars
on the root causes of excessive credit card debt could
be made part of the credit card appli