Reply #8: Yes, some poor bastards get themselves caught up in CC debt, through... [View All]

...circumstances entirely beyond their control. Medical emergency, kid in jail overseas, and so on.

However, a good many people DID end up where they are because they borrowed to the limit of their ability to pay. To the point where even a minor crisis, or moderate change in official rates, is enough to tip them over the edge.

Others got caught up in the "investment property" game. How many allowed themselves to be talked into borrowing above their means on the "promise" that by the time the honeymoon/sweetheart period expired, the property will have appreciated by enough to pay off the loan immediately and turn a very tidy profit?

How many dickheads buy into no deposit, 2 years interest free, and then screw up their repayment schedule so that they find themselves facing a 25%+ interest burden, calculated back to the begining of the agreement? To be fair how many more got caught by a $2 closing fee, assessed after the final repayment which just happened to prevent the closing of the account?

Greed ON BOTH SIDES is at fault.