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Credit Card Debt

Most of us would love to be paying off our entire credit card debt balances each and every month. However, most of us are caught in the snare of the credit card debt trap and paying off the balance every month is just not happening.

Credit card companies get you with interest costs.

While the free credit feature of credit cards make them useful, many of us run up a large unpaid credit card debt balance on their charge card accounts and continue to make sizable interest payments. The credit card companies make this easy by asking that you make only the minimum monthly payment, which is far less than the unpaid balance. This much smaller payment can do little more than cover the interest charges of the previous month and maybe 2 percent of the principal.

This minimum payment cycle ensures the credit card companies that it will take you a long time to pay off the debt and gives the credit card companies a hefty return in interest. Sometimes, often right after the Christmas holidays, credit card companies will let you take a "payment holiday" and skip a payment. The interest charges accrue on the unpaid balances making it a very expensive holiday for you when you eventually have to pay off the credit card debt, with interest of course.

In summary, you have to try to avoid carrying a balance on your credit cards, but if you do end up carrying a debt, make it a priority to pay it off as soon as possible. If you have more than one credit card debt balance, pay the minimum on the cards with the lowest interest and concentrate on eliminating each credit card debt one at a time, starting with the card with highest interest.

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