Are you currently having credit card debt? Do you plan to be debt free within the shortest period of time? Or do you prefer to pay the minimum payment monthly until you retire or until you pass away one day? Be frank, having debt is stressful and frustrated as you need to make sure you have enough income to cover all your expenses.
Moreover, if you just make minimum payment monthly, you are just paying the interest.
Isn't it a foolish thing to pay the interest through the nose? It will be an endless cycle especially when the job market is unstable or you are going to retire.
For young people, you might not be too concern about your outstanding balances.
But you have to bear in mind that without any change on your spending habits, you will end up be trapped in huge debt and your credit score will be damaged.
Once your ratings are damaged, don't expect to apply for new loans or credits in future.
To avoid this, you should start taking proactive action to settle your debt issue on your own or through a debt management plan.
Pay off the debt based on your budget and stop creating new debt.
Bear in mind that there is no age limit for you to pay off your credit card debt.
Even at the age of 80, as long as you swipe your cards and you have outstanding balances on your card statements, you are still liable to pay back.
Besides, for cardholders who are having joint accounts with their spouses or family members, you are reminded that your spouse or family member will bear your debts if you pass away one day.
Do you want your financial burden to be "inherited" by your loved one? If not, make sure you don't leave this responsibility to them.