posted by admin on May 1
The recession began in the mid of the last year. This has led to a huge debt of the nation. The new President, Obama is taking all possible steps to bring the economic condition to normalcy. The debts are because the civilians use credit cards for buying all the things. There are no specific criteria to get the credit card.
So anybody can hold a credit card. According to the President, Obama credit card companies should impose some eligibility criteria for obtaining credit cards. This would reduce the number of credit card holders.
Possessing credit card has become equivalent to having a mobile phone. Right from the vendors to the business men, everyone has a mobile phone and now the new fashion, credit card. All of us would have heard of stamp collection which is a good hobby, but now the trend is collecting credit cards.
There are many people who have a minimum of ten to fifteen credit cards. Already the market is down and almost all organizations are busy in firing their employees. This being the case, how will you manage to pay your credit card bills? There is no hard and fast rule that you must spend all that you have earned in a single day. But unfortunately this is the mind set of the people here.
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