How do people even get into credit card debt?
I could understand getting into debt for something like student loans or something, but what are people buying with credit cards that they need in order to make money and that they expect will make them enough to pay it back?
Simple, they make the minimum monthly payment significantly small. Lure you in with 0% interest for 12 months, followed by 17 to 24% after that. Really easy to convince yourself you'll pay it back later. Do this long enough, while maintaining the minimum, and having the card raise your limit without asking, it goes out of control. The key mistake made is using more money on the credit card than you have available in cash. Smart people can use credit cards to their advantage, but most aren't
Putting shit on "autopay" for the minimum amount and then forgetting about it... for literally years.
NEVER USE AUTOPAY
You need to be manually sending money out of your account every month to realize what is happening. If you use autopay, you will just adjust to "oh i have ($base_pay - $credit_card_payments) cash available each month to fuck around with".
People assume they are smarter than the credit card companies and can get free stuff as long as they act really clever and totally make sure to pay everything on time.
Never do business with someone who profits from your failure.
I have a cashback credit card that I have not paid one dollar in interest on in over 5 years.
The card actually pays me, since I put most major/recurring expenses on it and pay in full at the end of every month