The Credit Card Trap

A perennial topic in personal finance circles is the inability of American consumers to manage their credit cards.

Too many of us assume that we're doing just fine as long as we're making that minimum payment each month. In fact, we are doing just fine -- fine for the credit card companies.

Have you ever stopped to examine what paying the minimum each month does to your total repayment? Let's start with a few assumptions.

Some studies place the average American credit card debt at approximately $5,000. A nice round number, so let's use it for our example.

Read more at: The Credit Card Trap