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Credit cards are a way of life but do people rely on them a little too much? Have you ever got in a pinch and couldnt pay a bill or a mortgage payment so you turned to your credit card to pay the bill? More and more people are doing this and it is getting them into trouble because now you have 2 bills for the same exact thing.

This is hurting the economy because if you cant afford to pay your bill, the money has to come from somewhere and that is where the economic crunch comes into play. The legislature has to raise taxes on everyday things such as food and other things just to cover loses the investors that are putting up the money for your house. Out of 9000 people, half of the people had or just used their credit card to pay the bills that they couldnt cover for the month.

That is why the inflation rate is going up at a record rate. If everyone stopped using their credit card things would cost a lot less and the economy would be back in check.

Right now the hardest hit by this increase is the homeowners due to the inflation of the mortgage rates. For a family making $2500 dollars, their mortgage takes $1500 dollars of their total monthly income. That doesnt leave a whole lot of money for other things like food, other monthly bills, transportation, and the other expenses that you need to pay. And what if an emergency comes up, you dont have the money for that because you spent all of your money just to cover the other bill that needed to be paid.

Thats why most people use their credit cards to pay for their monthly bills. They are forced to pay the bills with the credit card because of the mortgage rate is so high. Now the lenders are starting to be more cautious with the money they are lending out to try and prevent the further downward spiral that the market is sinking into. So if you are getting a loan be sure you do your homework and try to get the best rate and terms that best suites your needs.