It is reported that more people can be getting more and more reckless with their credit cards, taking on credit that is over and above what they can afford and paying high interest rates on their credit. In view of the above, there are rules and regulations enacted to prevent people from over-leveraging on their credit. Some people do not want to have a credit card as they do not want to be tempted to take on credit card debt which may be creeping up gradually if they do not have a strict discipline.
In my own opinion, I find that it is not a matter of having a credit card or not that determines your spending and possible credit debt. The whole crux of credit debt hinges on one’s financial discipline. One may not have a credit card but he may still overspend his cash. A credit card is ......
