Are you in credit card trouble?
If you can’t pay off your credit card debts right now, today, then you’re in credit card trouble, which can erode a solid financial foundation faster than anything. It’s true that if you’re in credit card trouble, you got yourself there, but it’s also true that the credit card companies worked as hard as they could to help you along. I’ve seen this happen so many times and I’ve seen the damage debt can cause. If you are in credit card trouble, you have to get out of it—and stay out by learning to avoid credit cards like the plague. Debt feels like the heaviest burden of life. It weighs down your spirits, keeps your mind occupied with your burden, and makes you feel bound—because you are bound.
There are two kinds of debt, personal and institutional. Personal debt is money you owe to a family member, friend, or any other human being. Institutional debt is money you owe to a credit card company, a business, a school, the IRS, a bank, a credit company, and so on. When debts start taking on a life of their own, and start growing faster than you can pay them, the weight of the debt drains everything—the money you’re saving for your future, your capacity to save and invest more, your ability to pay the debt as it keeps growing. My friends who are bankruptcy lawyers say that if your credit card debt is equal to your annual salary, you will never be able to get out of debt. You are in essence bankrupt.