Credit Card Problems

The most questions that I personally face from people is regarding their CREDIT CARDS. Our lifestyle and habits of spending money have led to a cash-free society over the years. I fact, the use of credit cards are the maximum in Europe and the US. We will not find this trend if we consider countries from the other parts of the world. But for the past two years or so, the disputes and the delinquency of credit cards have rapidly increased, resulting in more people signing up for online financial advisers, and many of them filing a Bankruptcy to avoid harassment from collection agencies. But if you think logically, it only solves the problems on a short-term basis. In reality, you are ruining your credit scores, and hence you will not be able to apply for any financial help for the coming 10 years, and on top of that, you employment gets hampered as the employers even want to check the credit reports of the candidates before they hire them. From my personal experience, I have found out that about 80% of our problems involving our credit card comes from the lack of adequate knowledge and understanding of how the credit cards usually work. There are various Terms and Phrases that are used by the banks, that we fail to understand properly, and that is what they capitalize on. So, today I will try to explain certain terms and concepts that we need to understand before we use a credit card, and in the process I will try to be as simple and straight as possible.