I never used to believe people who said credit cards were a menace, but not anymore. After having struggled to get rid of the credit card debt for almost 3 years, and still not successful, I have realized what people meant.

It all started with a corporate card which I got when I joined my first job 7 years ago. It was paid for by the company, and cards were not free in those days unlike today. 1, 2, 3 and then 5.. I had five credit cards by the end of second year with one being official and rest personal.

Now started the real problem. Slowly and steadily I started spending a lot more than I was earning, a holiday in Thailand, a cool phone, something for the home, a quick trip to be with my gf and what not. It was only when I drowned deep into the debt that I realized what I had gotten myself into. Anyways, I thought of solving the problem and took a personal loan to close all these cards. Sure I did and closed them all, but now after 2 years of doing that and repaying the personal loan, my credit cards are again in the same situation

This time over I am actually tearing the card into 4 pieces and trying to settle them once and for all. I have decided to keep only one card with me and that too will carry only when traveling so I can control my impulsive buying to some extent.

I'm not sure how things are with others, but the feeling of availability of money in your wallet sure encourages you to buy things which you otherwise cannot afford. It hits you only when the bank charges you heavy interest to the tune of 36% per annum, and so many other charges along with it.

It's a menace, which needs to be controlled, and if controlled it can be a good thing to own. But until you are wise enough to spend and to repay on time, I would suggest keep it away from you.
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