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Credit Card Debt

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In the article “What Drives Credit Card Debt?” Amy Traub correlates credit card debt to multiple variables. These variables include not having health care, being unemployed, and no assets to fall back on. Having credit card debt can be extremely overwhelming. Always believing it can be paid off at any given time, but once it starts it is almost like a snowball tumbling down a hill. It begins with a small amount and then before anyone knows it, the card is maxed out and believes another card will help. Eventually, the debt is so overwhelming that the minimum payment leaves the user with no money, bad credit score, and lack of career choices. The first major effect of credit card debt would be the copious amount of money wasted on credit cards. …show more content…

In today’s world, a lot of companies are incorporating a credit score check in the application process. In some cases, this may actually be devastating. Not everyone is in debt due to carelessness, some are in debt because of not having healthcare and being unemployed. Yet a company is going to base this person 's approval on factors that they had no control over. For example, a person may have been laid off due to budget cuts and had to use their credit card to pay for their bills. Now that person gets denied multiple jobs due to a bad credit score. It is not only jobs that ask for a credit check. Some other businesses are insurance companies, internet providers, and cell phone providers. More and more companies are using credit score checks to judge the person without any background knowledge. This process may seem flawed to most but it is something we now all have to deal with. In conclusion, credit card debt is something to not take lightly. It can happen to anyone at any given time. It may come from medical bills, unemployment, or even carelessness and the effects are devastating. It can potentially make life harder due to lack of money, bad credit score resulting in denied loan applications and even lack of career choices. Credit card debt is a terrible thing to have and once in debt, is extremely hard to overcome. Unfortunately, in this country, credit plays a major role in the American dream, so spend

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