The average American family today carries eight credit cards. Credit card debt and personal bankruptcies are now at an all-time high. With no legal limit on the amount of interest or fees that can be charged, credit cards have become the most profitable sector of the American banking industry: more than $30 billion in profits last year alone.
“Credit card debt is an example of unsecured consumer debt, accessed through credit cards…

Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.

The results of not paying this debt on time

Watch Secret History of the Credit Card Online Now