Credit card debt is the worst type of debt. People fail to pay off credit card debt. Most of the time the debt relates to retail purchases that do not retain resale value, which is why the debt is so hard to shift, and why it builds up so fast. Credit cards usually have higher rates of interest than almost any other kind of money lend – this is another reason the amount you owe seems to rise almost faster than you can pay it back.
Today on my way back from work, on NPR radio I heard about declining credit card delinquency rate in the US, in fact, delinquency is at 7 years low right now. That was very good news for us. and a sign of recovering the economy but if you see deeper, the problem is still intact. Problem with paying only paying the minimum due amount every month.