Just like taking a medication, relying on credit cards can result in side effects for their users. One such effect is assuming that a person can live a lifestyle that he or she cannot afford. Once the amount of available credit runs out, the borrower may feel as if he or she is downsizing their lifestyle, which can lead to disappointment.

Those who have a lot of credit card debt may fear the future instead of embracing it. Instead of putting money into a bank account to save for a house or a vacation, that money is constantly going toward a credit card debt that could take years to repay. In addition to making the future less certain for an individual, it can disrupt continuity between generations.

In other words, families may not live in the same house, parents may face unemployment and children may not be able to live in the same place during the entirety of their childhood. Individuals and families may also face additional stress and economic hardship because of the high interest charges and other fees tacked on to the outstanding balance. Overall, this can lead to an economic drag on anyone who has credit card obligations to pay off.

Debt can cause economic hardships both today and in the future. Therefore, it may be a good idea to consult with a financial planner or a bankruptcy attorney to create a plan to pay off existing debt or seek relief from those burdens. For those who have past due debt payments, consulting with a third party such a credit counselor or an attorney may force creditors to stop making phone calls or sending letters.

Source: FOX Business, “The Side Effects of Credit Cards“, Richard Barrington, June 05, 2014