Credit Card Debt

Credit cards, we can't live with them and we can't live without them. For most of us thats how it seems. You're going through the line at the grocery store and see the person in front using a Visa, the person behind has their Master Card ready and you are going to use cash. Makes you feel out of place doesn't it. When was the last time you paid cash for gas? For a lot of us it's been a long time. The pressure to acquire and use credit cards is very intense. For sure Visa and Master Card use some of the slickest advertising to be found. The question is do you pay the entire balance off each month and almost never pay any interest? If you have the ability to do so and do it, good for you! By the way, credit card companies really don't care for customers who pay everything off on time, or in some cases, ahead of time. This is, why lending institutions are moving away from grace periods, to make sure everyone pays. Grace periods used to be a full month, over time thats been cut to around 20 days. Now some credit cards have no grace periods at all and more lenders are going that way.

Federal Reserve reports America's consumer debt has topped $2 trillion. Consumer debt is primarily for purchases of goods and services on which interest payments are not deductible, unlike the interest on mortgage payments.

If you are one of millions who does not pay off all your debt each time a credit card statement comes in don't feel bad, you are not alone. Then information on this page is intended to provide a little insight on credit card math and highlight some of the terms and conditions listed on your card holder agreement, usually found in very small print. We'll talk about the rules that can come back to haunt you. Credit cards are useful and in many cases necessary, but if one is not knowledgeable in the ways and means of credit card debt, life can be very difficult. It is very important to have a healthy respect and a little fear when using credit cards. When lending institutions play hardball they get the gloves and you don't. Not really much fun.