If you are in credit card debt after buying an expensive watch, here’s how a debt management plan will help

Debt can be a common situation for people of all ages and is often regarded as being a negative issue and a situation which should be avoided. However, it is usually not a problem to be in debt, so long as the person who is in the debt has a clear understanding of their situation, the credit card plan that they are involved in and is financially intelligent. Everyone likes to spend money on themselves, so as to feel good in life. This is a good thing to do, and will help people achieve more in life. In this article we will look at an example of how one may find themselves in debt when purchasing an item such as an expensive watch. We will then outline ways in which a debt management plan can help to pay off a credit card debt.debt

Debts usually occur when one purchases items using a credit card plan. Late debt payments or overspending on a credit card can often result in fines. These can range from a reletively small amount of money to a larger amount, depending on the amount the user has gone overdrawn by. Being financially intelligent about the use of a credit card and using something such as a debt management plan can help to pay off debts in an extended and more manageable way. These plans usually involve the repayment of a debt over an extended period of time. Payments are usually made once a month and are calculated according to the income and expenditures that the individual who is paying the debt may have. This breaks down the debt into a more manageable amount which is subsequently easier to pay off. An item such as an expensive watch can also be considered as an asset, as it can be resold for a considerable amount. This creates flexibility for the buyer.

Are watches becoming outdated following the invent of mobile phones?

The development of mobile technology had far reaching consequences on a number of industries. With the introduction of the mobile phone to the masses public payphones went largely obsolete while the household telephone continues to decline in popularity as the price of mobile calls went down.

Smartphones are fast becoming a replacement for a wide range of devices including laptops, MP3 players, cameras, GPS devices as well as the ageing radio. However, while we no longer see people with transistor radios walking around, there are plenty of people still wearing a watch on their wrist.

Technology Reinventing Itself
Telling time has been around for much longer than any form of written communication. With the invention of a small clock that one wears around the wrist came about a luxury item for the rich.

The modern watches once again go back to their luxurious roots with high quality designer watches in high demand as fashion accessories. Time precision and functionality is still top quality, but no longer a primary focus of the product. Specialised Swedish companies continue to do great business, in spite of the hard hit on the mass production in the Far East.

Mobile Phones are Not Useful Everywhere
In addition from developing towards a high class luxury item, there is also a need for high quality time telling in niche markets that are still out of the reach of mobile phones. One of the most well known activities where precise time telling is important that mobile telephony hasn’t penetrated is diving.

The need for high water pressure endurance and total precision made way for the production of diver’s watches. They are easily recognised by their large design, thick outer rim for measuring time spent underwater and distinguishable markings enabling easy reading underwater.

No Longer an Everyday Object
While we no longer need it as an essential part of our daily routine, the watch still has its place. It continues to be desirable with its high class appeal from the standpoint of fashion. The technology behind it continues to be developed, allowing for better durability and new features.