Why are credit cards known as debt killers?

Credit cards are often called "debt killers" because they can lead to significant debt if not managed carefully. Here's why:

1. High-interest rates: Credit cards typically have high-interest rates, often ranging from 15% to 25% or more. If you carry a balance on your credit card, you'll end up paying a lot in interest, which can make it difficult to pay off the debt.
2. Minimum payments: Credit card companies require you to make a minimum payment each month, usually a small percentage of your balance (e.g., 2% to 3%). While this can help you avoid late fees, it also means that if you only make the minimum payment, you'll take longer to pay off your balance and pay more in interest.
3. Credit card rewards: While credit card rewards can be beneficial, they can also encourage overspending. If you're not careful, you could end up spending more than you can afford in order to earn rewards, which can lead to debt.
4. Easy access to credit: Credit cards make it easy to spend money, even if you don't have the cash on hand. This convenience can lead to impulse purchases and overspending, which can contribute to debt.

Overall, while credit cards can be a useful financial tool, they can also be dangerous if not used responsibly. It's important to only charge what you can afford to pay off each month and to always pay your balance in full to avoid accruing debt.