Credit Cards
Since credit cards are short term debt, many people get into a deep rut with debt and it becomes increasingly difficult to get out. Most credit card interest APRs range from 10-20% a month. This is an inordinate amount of money to pay each on INTERST. Since credit card sometimes appears to be ‘magic money’ and is so easily spent, many Americans rack up their credit card bills until it becomes almost unmanageable. Also, once a considerable amount of debt is acculumated, it becomes difficult to sustain even the minimum payments (usually on mere interest). The moral of the story is that it is important to manage one’s debt. The easiest way to do this is by budgeting monthly expenses and paying off credit card debt each month.
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