Debt accumulates.
Not all kinds of credit cards give the same kinds of perks that the chances of you getting additional bank cards are not slim. What are some of these inviting perks? They can be cash back, zero-interest, rebates, hotel accommodation, free meals and the like. Obviously, the swiping of credit cards, terminal after another terminal, as in a shopping splurge will lead to an accumulation of debts.
It could turn worse if one cannot anymore afford to pay even the minimum required payment balance though we might impossibly assume that all charges were arms-length transactions under the zero-interest rate promos.
Remember that a month of nonpayment, even when it is a zero-interest purchase, will subject that minimum balance to late charges and penalties.
Link to full article ==> http://www.gomestic.com/Personal-Finance/Why-Consolidate-Debts.743495
