I was aghast to learn that my cousin brother has incurred a mounting credit card debt. When he was offered a credit card, no, he didn't apply for it, I had wondered if he really needs a credit card. He said he doesn't but he likes to have one and thinks that having one makes he more "adult".
True enough, he doesn't know how to manage the freedom of ready money in his pocket. He would use the card on luxurious electronic gadgets that he could pay by monthly installments that he would otherwise cannot afford to purchase. Taking care of payment of one card was still manageable but because using a credit card was so easy, he applied for a few others too so that he could spread out his expenditure.
Although I have never been in such a situation before, a few of my friends were once caught in such a financial bind but they acknowledged their problem and enrolled in credit counseling. Since then, all of them are back to using only one credit card; one is now without any credit card and she is very happy with that!
Credit card consolidation actually helps a lot since it would mean making one low payment every month instead of paying off numerous credit cards at different times of the month. It's not easy to manage our finances like that. I remember a friend telling me that he doesn't know where his money went even though he draws a rather fat monthly salary.
While I can't help my cousin to pay off his credit card debt, I could help him by looking for consumer credit counseling service. Hopefully, after this episode, he will learn his lesson.
True enough, he doesn't know how to manage the freedom of ready money in his pocket. He would use the card on luxurious electronic gadgets that he could pay by monthly installments that he would otherwise cannot afford to purchase. Taking care of payment of one card was still manageable but because using a credit card was so easy, he applied for a few others too so that he could spread out his expenditure.
Although I have never been in such a situation before, a few of my friends were once caught in such a financial bind but they acknowledged their problem and enrolled in credit counseling. Since then, all of them are back to using only one credit card; one is now without any credit card and she is very happy with that!
Credit card consolidation actually helps a lot since it would mean making one low payment every month instead of paying off numerous credit cards at different times of the month. It's not easy to manage our finances like that. I remember a friend telling me that he doesn't know where his money went even though he draws a rather fat monthly salary.
While I can't help my cousin to pay off his credit card debt, I could help him by looking for consumer credit counseling service. Hopefully, after this episode, he will learn his lesson.
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