Technology has give rise to may new methods of conducting the business like on-line transactions, Mobile Banking, Visa Debit Cards and of course the traditional Credit Cards. These may be issued by Banks or other financial institutions -the applicant gets a line of credit or visa card or some other kind of loan after the account is approved.
Once the account has been approved, you can utilize the credit to fulfil your monetary needs and slowly get deeper into debt as you start to get dependent. The cycle of “borrow from Peter to pay Paul” keep going on depending on how good you are in financial jugglery.
The common denominator of all these kinds of credits is to get more money out of your situation. Then the human Nature is uncontrollable urge to spend the money available till it gets into a spending habit. The introduction of points like Air-miles and other bonus make you to spend more to build the points for travel points.
The purpose of the credit cards was to cover emergencies, like health or medications. It is always important to know how much you owe and keep up with the payments in full. The scams and identity theft has become common and the need to be vigilant and careful is necessary.
If things get out of control due to some unforeseen situations like a job loss, it is important to know your options, a backup plan. Filing for Bankruptcy is not the only option. There are many programs available today that could be useful for anyone with a lot of debt. Beware of the so called non-profit organizations “they are not charity institutions” but get paid by the creditors and you will end up in a much worse situation with them. Consumer proposal or division 1 proposal or a bankruptcy are the only legal options under the bankruptcy Insolvency Act of the law and monitored by the courts.
If you really are in financial trouble – meet the professionals who can help. We are one of the most trusted and certified “credit Counselling firm” since 2006