A: Of course we all heard the story about the family who accepts every credit card that is offered by mail, then charges up each card up to the maximum limit and cannot make the payments. Or, they can make just the bare minimum payment that means outstanding balance, with accrued interest, may take an eterniti to pay off. This problem stems in part from irresponsible use of credit, as well as eager credit card companies.

However, there are also many people who suffer catastrophies for which they are simply not prepared. For example, a medical emergency without proper insurance, or a job lay-off, can have serious financial consequences for a family.