Back in 2004, a man in Southern California got so tired of the offers that arrived in his email box for preapproved credit cards that he got an email address for his dog, Clifford. Sure enough, the offer for a credit card arrived in Clifford’s inbox.
The man filled out the application. He listed Clifford’s name as “Clifford J. Dog” and his mother as “Pugsy Malone.” For the social security number, he used all zeros, and he included a note that Clifford was a dog and not to send the credit card. Clifford received the card anyways.
The man set the record straight, the card was canceled, and poor Clifford never got his plastic spending spree.
The point being that anyone can get a credit card and start racking up debt, even a pooch. If Clifford had been able to use his brand new plastic credit card, he probably wouldn’t have been very worried about how he was going to pay for all of those doggie treats.
Unfortunately, many people use their credit cards with at least as much forethought as Clifford would have used. People who are otherwise perfectly reasonable and sane will make charges to their credit cards without any idea of how they are going to pay off those charges. When that time come and you are running out of hope, maybe it’s time to learn how to settle credit card debt.
When the credit card bill comes due, they make the minimum payment and continue to make charges through the next month that are far larger than the minimum payment that they made. Debt simply piles up on top of debt. Interest accumulates and the balance grows. When a late payment is received, a late fee is added and your rate will probably go up. The credit card gets maxed out and what does this credit card holder do? In most cases, he gets another credit card to continue reckless spending. Instead you should be looking to “settle my debt instead of adding to my debt.”
Credit card balances are loans. The balance on the statement is what you owe and need to pay off. You don’t simply owe the minimum payment every month. The whole debt will eventually have to be paid off one way or another. If you are having trouble paying your bills and want to avoid bankruptcy, learn how to settle your debt and reduce your balances to a more manageable level.
When you use credit cards to buy anything you want without thinking about where the money is going to come from to pay for it, you are setting yourself up for trouble.You will experience a hard struggle getting out of debt. You will be a slave to your debt and suffer for years as you struggle to pay off your bills.Make wiser financial choices and leave the credit cards for the dogs.