I have gone through a lot of cases, in the last 8-10, months where individuals have landed themselves into a serious debt trap.
If i remove the cases where the situation was precipitated by some emergency (medical, travel etc)we still end up with a lot of "avoidable" cases of debt traps.

In the subsequent series, I would try to
- Identify the possible reasons a consumer ends up in a debt trap
- For each of those reasons, provide enough tips and tools - so that as a consumer you understand debt management better.

I start with Credit Cards, for two simple reasons:
1. It is the debt product with highest penetration i.e. I can safely bet that 9 out of 10 readers of this article own a credit card.
2. It is the least understood product and most of the cases that I get for debt consolidation are triggered by Credit Card usage.

So what all should you know/do to use Credit Cards wisely:
- First & foremost Learn to read your Credit Card Statement
- Understand how a Credit Card works
- Ensure you Pay your Card dues in full