Letting a Balance Accumulate on a Credit Card
Credit cards are life savers, but credit cards can potentially ruin your financial credit score. The general rule of thumb guiding your spending is “If you can’t pay cash, then you can’t afford it.” This would help you use your credit card sparingly and only when it is essential.
Reddit users shared their experiences on how they ran into debt because of the accumulation of credit cards. For a user, it took him eight years to clear the debt. He also acknowledges that he is incredibly fortunate because he was able to clear his debt. This is true because some people never get to clear the debt and face bankruptcy.
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