A bad credit rating will have many adverse effects on your financial capability. If you have suffered from bankruptcies, late or missed payments, foreclosures, and other negative credit management background, you will eventually find it hard to avail of normal loans and other financial resources. Such also applies to people who have no credit backgrounds.
The credit card debt of the various individuals is growing with the passing days. Two factors should be probably blamed for the growing debt burden. On one hand it is the negative after effect of the recession that hit the global economy recently and as the outcome a monetary tumult is experienced by the world, on other hand just the management and the control issue of the consumers are responsible for such enormous burden of credit card debt.
Almost everybody has at least one credit card and many people have several. We live in a world where you can hardly get by without a credit or debit card. Many of us get new credit card offers at least once a month if not more often. The letters which come with them say a lot of things about how we are automatically approved and will not have to pay interest for twelve months, but none of that takes into account the fine print.