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Should Credit Cards Be Considered a Failed Experiment?

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http://www.foxbusiness.com/personal-finance/2012/04/01/are-credit-cards-failed-experiment/

Within this article, the author, Peter Andrew, poses an excellent question –  should credit cards be considered a failed experiment?  As a attorney whose practice is focused on credit card debt and workout, I have asked this question along with many others regarding the validity of the credit card system.  I see client after client that tried to use credit cards to keep it all together during a job loss, medical crisis, family crisis, etc. and although it provided temporary relief, they now have to figure out a way to pay the piper.  I can’t help but ask myself – if this person didn’t have a credit card, would they have figured out a better way to get through the hard times?  I guess it really depends on the circumstances of the individual but one thing is clear, we as a society need to be more cognizant of the costs associated with our credit card debt or we will never get ahead financially.

Should Credit Cards Be Considered a Failed Experiment? was last modified: November 1st, 2014 by Kevin Fallon McCarthy
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