I never thought a Low Interest Loan would save my debit problem. I am a shopaholic and there was a time when I couldn’t control myself at all. I had 8 credit cards from different banks. Believe me this is the worst thing you could ever do. Now I have a learned that credit cards can really help you out in a moment of troubles but I can also take you down, deep down. Getting a credit card can take a few minutes. Banks have systems where they check your records and immediately they can issue a credit card for you. This for me, was a blessing because whenever I run out of credit in one card I could always go to the nearest bank and get another. At first you don’t realize what you are getting into. You believe that even if you had a hard time paying the bills you can always pay the minimum amount and you will be fine. When you have more than 3 credit card this becomes quite dangerous. If you pay punctually, after a few months banks increase your credit limit instantly. Then you start using a credit card to pay for another one. Banks charge you not only interests but also commissions for maintenance and account membership. Of course you don’t take this into account when you get into debt. I reached a time when I just couldn’t cope with all the cards and their charges. If you miss payment for one day you have to pay a late payment fee and so on. I was desperate; I didn’t know what to do because I didn’t want to get reported into the system. If you credit score get ruined, then that’s it. You will be banned I the credit system for years. I calculated how much I needed to pay in each card in other to be able to then withdraw some money to pay the other. It was a nightmare. At the end you end up paying only interest and your debt never goes down

Finally I banker suggested I should get a loan. The bank will give me money at a lower interest rate than a credit card. This money will be used to pay my credit cards. First they told me I needed to reduce the amount of cards I had. So I paid some cards in full. Then I would qualify for the loan and get the money in time not to miss the other cards. I actually spend 3 days with less than a dollar in my pocket. I was really nervous that the Low Interest Loan wouldn’t go through but it finally did.