Is the Message of Smart Credit Card Use Hitting Home?

Might we be witnessing the end of the credit card era? Possibly, if the word of several anti-charge card advocates continues to influence America like it has been. Making what these outspoken proponents of debt-free consumerism have to say even more relevant is the fact that America appears to skidding head first down an economic backslide that was built primarily on a foundation of easy credit.

Recent news is indicating that consumers are beginning to strike back against the aggressive lifestyle marketing of credit card companies. A finance student from Virginia who manages a Web site at www.enemyofdebt.com sees credit cards as the primary cause of erosion of our conservative, long-term wealth building strategies. In a recent interview with CNN.com, he stated that "Credit card debt is our biggest hindrance in being able to take care of our families and set ourselves up for prosperity..."

According to the Unites States Treasury Department, 44 percent of American households maintain a balance on their credit cards. Even more staggering is the $15 billion (with a "b") that we pay in penalty fees every year; a number so big it helped push the passage in the House of legislation designed to protect consumers from the unreasonable hikes in interest rates, penalties and the "shadow fee" strategies employed by so many credit card issuers. That bill is moving its way through the Senate and has substantial White House support.

In truth, credit cards are not by themselves nefarious. They are simply the manifestation of our desire to "have." That message is delivered clearly by another radio talk show host, Chuck Bently. He preaches on 800 station signals that the real issue is personal self control, citing that with the right mindset, credit cards can be useful financial tools. Mr.Bently is the CEO of Crown Financial Ministries.

Another financial advice blogger, Jason White of www.frugaldad.com, believes credit cards can be beneficial. "I heard a great analogy once, that credit cards are kind of like power tools: They're a great convenience, they can get the job done faster, but they can be dangerous, definitely, in untrained hands ..."

The vast majority of Americans understand that credit card usage can lead to financial trouble and be a primary reason for filing bankruptcy. One credit card leads to another, and before you realize it, you're in a losing battle to meet multiple minimum payments. All it takes is one emergency, whether it be a layoff, medical expense, or even an expensive car repair to put you in a dire financial situation.

If you're struggling with credit card debt, it's important to realize that bankruptcy is the best option to take control of your financial situation. Speak with a bankruptcy attorney today to discuss your options. In North Carolina, call the Law Offices of John T. Orcutt to set up a free initial debt consultation. +1-833-627-0115.

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