In Finance, What is Binge Debt?
Taking its name from binge eating and drinking, binge debt is a serious problem. Binge debt is the process of racking up huge amounts of debt in very little time using a variety of finance options. Statistics shows that women have the highest rates of this kind of spending, followed closely by senior citizens. Levels of spending among older people have reached higher levels than ever before. A survey reveals that one in four elderly people are racking up huge debts on their credit cards and have no intention of paying these debts back. Some credit companies have said that binge debt levels have reached epidemic proportions. The main reason for the high levels of debt seems to be easily obtainable finance options. Many people who binge debt have multiple credit cards. When one credit card comes close to the limit, they will simply open another account to help pay for the first one. Many people have been forced to take out loans on their homes after their habit has spiraled out of contro
