Are you an average American? If so, you likely have more than $9,000 in credit card debt and the interest rates on your credit cards are in the mid-to-high teens or higher.
Do you have any idea how long it will take you to pay off your credit card debt if you are making 2% minimum payments and have a 19% interest rate? Even if you stop making new purchases on credit, it will take you over eight years!
Do you know what can happen if even a couple of your payments are made late? The credit card companies can charge you late fees and penalize you by raising your interest rate. How high can they raise your rate? In some cases, they can raise your rate up to 40% or higher!
Are you concerned about your credit card debt getting out of control? Here are some common warning signs that you may be headed for trouble.


1. You are surprised when credit card bills arrive in the mail and are more surprised when you see how high the balances have become.
2. You have no idea what the total would be if you added up all the debt between your various credit cards.
3. You have no idea what interest rate each card is charging you and have never tried to find out.
4. You have no idea what your credit score is or what it would mean even if you did. In fact, you’ve never even seen your credit report and have no idea how to get a copy of it.
5. One or more of your credit cards are “maxed-out” (that is, charged up to their upper limit).
6. When you make payments on your credit cards you make only the minimum payments.
7. You have never taken the time to look at your expenses and income to see how they compare each month.
8. You don’t have enough cash for even minor purchases and end up using your credit cards for everything.
9. You have applied for at least one additional credit card in the last year and are checking the mail regularly for new credit card offers.
10. You are using your credit cards for current year purchases while you still have balances remaining from last year.