If you belong to the higher income group then you are likely to be the prime target of all credit card companies. Most people feel high and powerful when they are able to flash their expensive credit card and swipe it while making their purchases. They are bitten by the magic of instant purchasing power they get. Most of these people tend to use multiple cards all the time.
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It is quite likely that you too will go in for multiple credit cards and use them alternatively. Armed with multiple cards you are likely to be prompted to buy everything that you find nice without having to really ask yourself if you really need it. Now even most expensive items are well within your reach. Chances are that you will first go and buy a plasma TV or an expensive home theater system for yourself.
After you have enjoyed your outing and shopping spree, you will soon get the bills in the next few weeks. If you have made unbudgeted purchases where do you have the funds to make the payment within the stipulated time? You are likely to curse yourself now for having splurged on shopping and having used your credit card. The amount outstanding can be quite huge as you would have used up the entire limit available to you.
You will find credit card companies coming after you if you do not clear the outstanding in time. Do not even think of making payments in installments because you will end up paying a huge amount.The rate of interest on the outstanding amount is extremely high and levied on cumulative basis. Since it is a unsecured loan the credit card companies are taking a financial risk against which they stand to make huge profits.
Most people are ignorant when they have just joined a job and hence end up in similar traps. You will not like the feeling and not be able to face the harassment when you become a defaulter and the credit card company gets after you.
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Normally people start making payments in installments and bear a huge interest burden when they have other avenues which can be explored. You could quickly approach your banker for a personal loan against your savings or any other asset. You will be able to get a loan disbursement within 48 hours in case of personal loan. Out of the loan funds clear the credit card outstanding at one shot. Once done sit down and plan on paying the monthly installment to clear your personal loan. By making payment for the total outstanding you stand to gain in terms of peace as well as in terms of huge amount of interest which you would have had to pay up.
Once you have learnt a hard lesson, it will help you plan your financials in a better fashion and never to repeat the mistake again.
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