Free Money is Not Free: The Perils of Unsecured Credit Card Debt

Dude, so like, wouldn’t it be totally sweet to get money for free? All you need is pre-approval for a credit card and swipe away! What are the eligibility requirements for pre-approval? Nothing! Too good to be true? Of course!

Check out Demitri Martin on the Daily Show and his tongue-in-cheeck mockery of the credit card “wealth” mentality.

Joking aside, credit card debt is increasingly common under the current economic environment and the temptation sometimes too much to bare. The most common type of consumer debt is unsecured credit card debt which is the most common factor leading to Chapter 7 consumer bankruptcy.

Mr. Martin humorously mocked credit card companies and their appeal towards recent graduates through marketing ploys. While more regulations and laws are currently being passed by Congress regarding deceptive credit card and banking practices, it is best to keep your wits about you and common sense with you at all times.

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