Add to that, for every application that is turned down (pretty much inevitable at that age/income), it does a bad turn on your credit report.

I got offered a CC my freshman year in college. No income, but it didn't matter. I got it. Best decision I ever made. I started building credit and learning how to use it responsibly right from the start. Noone had to tell me not to charge out the wazoo. 19 years later, I still carry that same card. It's my only one. Thanks to that card, various loans and a mortgage, I've got sparkly credit. I don't blame CC companies for anything - it's a business decision. I don't have to like their practices, so I get around them by continuing to pay my balance in full every month.

For everyone who has managed to keep their heads above water - good for you!! For all of those who are struggling - you're not alone.

When my DH died I went from a two income household to a one income household....with all the same debts. Not easy. So....no, I did not overextend myself by charging up my credit cards. But, add MS to the mix and then waiting for LTD and SSDI. Not a real pretty picture.

If you can manage to pay all your balances in full every month then that's great!! Not everyone can do that. Doesn't mean we don't know how to manage our income. Just means there isn't enough income to manage.

You are right, Miss Kitty, there are many unanticipated circumstances that cause people to fall into debt. Unfortunately, these circumstances are the exception. Due to many of our circumstances it probably seems like the norm.

Most debt is primarily people living waaaay beyond their means. Many want to keep up with the neighbours and don't know how or don't care to save for what they want. I am amazed by how many people have to have the latest gadgets, handbags, shoes, jeans or whatever the stars are wearing and throw it on their credit cards to worry about it later. Who can really afford that stuff - $1,000+ handbags for everyday people?

If there were not so many defaulting on their credit cards with lame excused perhaps the companies would show more compasion to those that need it.