Most people advocate the use of credit cards, they quote the benefits and convenience that they afford. There is another train of thought that some strongly disagree with credit card use. The reason cited is Excessive Credit Card Debt, which is a serious problem that many credit card holders find themselves in. You cannot blame the credit card industry for this problem, it is the result of overspending and being irresponsible. It is not a solution for beating the credit card crunch. But, you cannot pass up the benefits that are associated with some credit cards.
You need to look at the issues surrounding excessive credit card debt from two angles. First address the problem from the industry stand point and secondly looking at the person responsible for incurring the debt in the first place. The first method involves increasing alertness of the credit card debt problems to the throngs. This is being done currently as well.
There should also be an attempt made to tackle this problem at a deeper level. You need to devise a mechanism that will nip the problem of overspending in the bud. This needs to actually be a part of an overall system. A lot of thought and planning will be involved into developing a working plan. Case studies will need to be done, statistical information gathered and a proper forum should be formed. This group should include representatives from the credit card companies and suppliers as well.
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Another way of addressing the problem would be to develop a system for calculating the applicable credit card limit at the consumer level like the. There could be a mechanism in place to warn users about the hidden dangers of excessive credit card overspending. Credit card companies could even impose an early restriction at the first signs of excessive spending. At the consumers level, could include following the best practices by the user themselves. A checklist or list of questions that individuals could be given to inform them about the first signs of excessive credit card debt problems.
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