This is a point particularly applicable to young generation. I feel that having a credit card is actually biggest problem than not having a job itself. With compound interest rolling in your bills, you will turn poorer by each passing month. You will be forced to work just for paying credit card bills. Ask yourself. Is this you always wanted from life? What went wrong? Same applies to various forms of loans. Any kind of credit is dangerous. Resort to them only if it is absolutely necessary, otherwise manage your expense in the money what you have earned.
I am not saying that getting trapped in debt is entirely your fault. It’s very easy to get carried away when you see a fancy advertisement about a new gadget or a new offer on TV or internet. It’s called as aggressive marketing. But before pressing the buy button, ask a question to yourself, whether buying this thing is absolutely necessary? Are you buying this because your friend or relative has it? Is it wise to pile up debt in your credit card? Is there a solution to this?
Here is the solution. Controlling your temptation is the solution. If you feel controlling your temptation is difficult, cut the source of temptation itself from your life. Watch less TV, read less gadget reviews or even minimize visiting malls. By isolating yourself from the source of temptation, you are putting yourself in safe zone and you will be able to build a better financial position because you will be buying the things only which are essential.
Message is clear. Buy what you can afford. Spend what you have earned. Save money. Here is an in-depth article on how to improve your financial situation and avoid getting trapped in debt.