Has anyone noticed how much of a’ spend now pay later’ culture our society has become? Everything in our current society pushes as to spend. Glamorous advertisements, enticing sales, special promotions, and even reward credit cards. How can we say no to that ‘to-die-for’ pair of shoes that is now 20% off or that new PS3 that’s coming with every Sony television? We don’t even need to have money in our bank accounts! We can just pay on the credit card (get some reward points while we’re at it) and we can pay it off when we have the money. Simple, right? Wrong.
According to the Australian Bureau of Statistics the average family with a credit card debt owes $3,433 compared to the $580 owed by each household in 1998-1999. The more alarming thing is that these figures are growing. This is not surprising considering the ‘credit’ on the card often seen as actual cash just waiting to be spent. To add, the credit card reward programs are leading people to spend more than they should for extra points. Small wonder than bankruptcy rates are rising. Bankruptcy does come with a price but for many the price of staying in debt is higher. Read some of the other bankruptcy blogs on here for more information.
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