There are many reasons why a person might accumulate a greater
than average credit card debt. One common cause in recent years is
the use of credit cards for necessities in a time of unemployment
or underemployment, where the person must borrow the money for
items like medical treatment, gas and groceries or pay utility
bills with credit cards. Another is lack of knowledge about how
credit works and the idea that plastic is "free money", or perhaps
a lack of discipline in finances.
Related Q&A：
Why does one accumulate more than the average credit card debt？Well, there could be several reasons for that, you know. Maybe they don't have a good sense of budgeting and just keep spending without thinking about how they'll pay it back. Or, they might have some unexpected expenses like medical bills or car repairs that they have to put on the credit card. Sometimes, people just get too caught up in the convenience of using the credit card and don't realize how much they're racking up in debt. Another possibility is that they have a low income but still try to live a lifestyle that they can't afford. Oh, and let's not forget about those high interest rates on credit cards - that can make the debt grow really fast if you're not careful!
