Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.
When I was young, people lived from paycheck to paycheck. Today, it seems like they live from credit card payment to credit card payment.
The minute a Wall Street firm purchases your debt, your bank no longer has it on its financial statement, which then allows the bank to look for more credit card customers. That's one reason why you get so many credit card offers.
By 2003, every fool was getting into real estate. The checkout girl at my local supermarket handed me her newly printed real estate agent business card.
Don't cut up your credit cards, the problem is not the cards, it's the lack of financial literacy of the person holding the cards and always make the best out of a bad situation