What is the Credit Card Debt Trap?

Begin a Credit Card Debt Trap Now!

You start by getting a credit card or three. 

You get excited and see something you would like to buy.  You don't have all the money for it today but you figure you can pay it off in three months. Let's say it's a new set of ski boots that cost $600 or a new video game console that cost $600.

You tell yourself you will pay an extra $200 and that you will pay it off in the next 3 months.  

You get your credit card bill and you don't quite have the extra $200. 

This is how it starts. Your personal Credit Card Disaster is just starting.  

Next you get an offer for a screaming deal on a ski trip, Friends have an AirBNB rented and you can join the trip cheaply.    Put it on your credit card.

Listen to a Dave Ramsey podcast sometime. Most of the people calling in on his podcast have $20,000 to $180,000 in unsecured (credit card) debt.  Most of them started with just $600 in unpaid credit card debt.   Minimum payments and additional purchases explode your unpaid balance.

Your debt can grow very quickly. 

Don't fall into this trap. 

Pay your credit card in full every month.

The average American has three credit cards and somewhere around $5,500 in unpaid balances.