Credit card debt can be quite difficult to manage. Unpaid debts will grow at a steady rate until they become almost unmanagable, and meaning that the minimum payments on bills can cause debt to accumu...
Source: http://www.goarticles.com/cgi-bin/showa.cgi?C=1430996
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Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent. The results of not paying this debt on time are that the company will charge a late payment penalty (generally in the US from $10 to $40) and report the late payment to credit rating agencies. Being late on a payment is sometimes referred to as being in default. The late payment penalty itself increases the amount of debt the consumer has.
credit card debt
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