avoiding credit card bankruptcy

There was a time when credit was not very easy to get. Borrowing money for any reason was actually considered shameful, and being "in debt" was simply scandalous. If people wanted to buy things that they wanted or needed they simply SAVED; they did without those things until they could afford to pay for them in cash. It's kind of weird, how things have changed!

In pursuit of mammon, those banks have used every marketing strategy possible to make you want something now, not later, after all why wait a lifetime when you can have it now! So much for the live now culture.

Simply put, anyone who wants one can get a credit card. It seems you don't even need a social security number and to prove the point, one man in California responded to one of those "pre-approved" ads that came in his email and applied for a credit card in his dog's name.

Under the "age" section he inserted the number "3" and where it asked for the social security number he entered 000-00-0000.

Crazy as it may sound, the card was issued!.

Its alarming that people have become brain washed into not thinking about the future consequences of borrowing money using credit cards. It's easy for people to get into deep debt using credit cards.

Clearly the financial institutions [by this I mean the banks, the credit card companies, etc] do their jobs very well, they make you believe that using a credit card is not like you are borrowing money, but that is exactly what you are doing.

If you use a credit card to pay for dinner and a movie, you've borrowed money to pay for your dinner and the movie - its simple as that!, but wait for it ... and the bill will come due at the end of the month.

Now if you don't pay the balance on the credit card in full, every item that you bought just costs YOU more because you'll be charged interest. As they say it is easy to borrow - but wait ... paying back from funds that you don't have is never easy [ we need a magician here, I think].

And before I forget, if you fail to make the minimum payment on time, you'll be charged penalties and additional fees.

I know - I don't sound like a big fan of credit cards, yes sadly I am talking from bitter experience - but they are a necessary evil in today's mobile world. You can hardly make an online purchase without one.

So where's the answer? Well here are some suggestions you may want to consider:

1. The answer is to get ONE credit card. At the end of each month, pay the entire balance on the credit card.
2. Do NOTuse credit cards for everyday expenses.
3. Don't buy groceries or pay for the dinner and movie with a credit card.
4. carry cash - if you have the means, pay for it, otherwise consider doing without it.
5. Leave the credit card at home, if you don't have it with you, you are unlikely to use [ or is it stating the obvious]

Majority of bankruptcies filed today are directly related to credit card abuse. You can avoid that.

Students be especially aware of using credit cards.

It is with much regret that some of us will wonder where did it all go wrong - the lessons of our parent's generation we have failed to heed - live within your means.

Meanwhile, the shareholders of these financial institutions and there directors "the Fat Cats" continue to become richer at the expense of those who sadly fall into increasing spiral debt.

Given the present issues around the credit crunch, hopefully it is not too late to re-consider your spending behavior.