Credit card companies are hot on their marketing and have often been accused of offering credit irresponsibly. For example, they offer cards on college campuses to those who are only just legally old enough to even have credit and thus have no experience or knowledge of credit cards of their associated costs.

But credit cards have transition somewhat from emergency cash substitutes to much more of the normal thing and as a result, there are more people than ever living outside their means. Credit means that people are able to buy something that they cannot really afford.

It is little wonder then that so many people are declaring personal bankruptcy. What starts off a small credit card purchase can spiral out of control with high interest rates and costs that consumers never considered.

With this type of irresponsible lending, an increase in those declaring personal bankruptcy is almost to be expected. But can we just blame the creditors? At some point, people have to account for their own actions and take some responsibility for their own spending. After all, nobody forces you to take a credit card. But aggressive advertising of credit services does contribute to the number declaring bankruptcy, that is for sure.

Contrary to what seems like a popular opinion, it is not all deadbeats and wasters who are declaring personal bankruptcy. In fact, such people are unlikely even to be approved. They are often just people whose finances have spiralled out of control and who can no longer keep up their payments. And while credit card companies and banks should shoulder some of the blame, we really do, as a society, have to take responsibility for our own actions and our own spending as well. Otherwise this cycle will not end.

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