Credit Card debts ballooning

this is taken from Straits Time Home section...its talking about credit card debts...I will just summarise and state the facts...

"Credit card debt hit an estimated S$3.4 Billion last Dec, the highest for that month in 20 years."

~ No. of credit cards rose 11% last year, but rollover balances jumped more than 13%
FYI - Rollover balances are unpaid amounts that subject to (high) interest charges.

~ easy availability of credit puts people in a "state of denial" - even amoung thsoe who know they are spending more than they should.

~ when high earners used to a lavish lifestyle, when their income changes, they are not prepared to make the changes in their lifestyle, and hope the situation will improve - which rarely happens....

my dad always tell me that, once you start to have credit card debts, its really very hard to get out of it.. just by the fact of the fees and high interest rate credit card charges you.."it's like a legalised loan shark.. if you don't pay your bills on time..."