For a working person, debt relief must rank as one of the highest priority to achieve. Unfortunately, many people do not have adequate debt management skills and as a result, get themselves spinning around with endless debts. One example would be the use of credit cards.

Credit cards are nice to have and it gives the cardholder the convenience of being able to make purchases without having to bring lots of cash around. With the increase in crime rate, it does make sense to bring less cash when out shopping. However, having a credit card also increases the temptation to purchase needless items. Or rather, the temptation to purchase items which are not essentials but more "I want" in nature. You can buy a tub of ice-cream for say RM6.00 but because you "want" that tub of Haagen Daz ice cream, you end up spending more than double the amount. It is no wonder then that at the end of the day, the credit card statement would be a dreaded piece of mail in the post box.

Some credit card holders then resort to applying for another or more credit cards and start doing the merry-go-round by transfering their balances. Whilst this may offer short term relief, unless the credit card holder is able to settle the transferred balance plus any other ongoing liabilities at the same time, the debt will continue to accumulate.

It is thus advised that those who are seriously in debt seek some form of credit counselling.



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