Credit Cards Have Made The Us The Biggest Debtor In the World

It might be a little startling but it is true. Next time when you shop with your card think again. As the people's outlook towards credit is but lax. But the amazing ease of credit creates debt with equal ease. I had read in a newspaper report that America's debt, fueled mainly by credit cards, had reached alarming proportions and earned it the dubious distinction of the biggest debtor in the world.It is unbecoming of the U.S which at one time Save Nowwas the biggest creditor in the world. Read on if you think it still is not time to eschew credit card. Here is a great article on choosing the right credit card. There is this other informative article on credit cards, if you are pro credit.

The debt on the U.S is more than even India's entire G.D.P , which is around the $800 billion mark. People might think that it is an innocuous fact and is just a bug fear, that is perfect for those record books. But debt is what debt does. And it does not do any good. If this debt, which is increasing at a canter, is not controlled then it will be accompanied with dire consequences.Tis will be because there might be a time when this debt will grow out of bounds and become external debt. The end result will be an indebted economy with economic down turn or depression as it's accomplice.

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