Debt...the ugly, the uglier and the OH MY GOD!

Debt can best be described as a dark cloud looming over us,waiting to pour down on us at any minute. We often mistake credit cards as our umbrella, when in fact they are what cause the rain in the first place. Credit card debt is at an all time high. Each year the average debt for an American family increases; up from $2966 in 1990 to $9840 in 2007. Credit card companies can be down right predatory toward middle-class Americans who struggle to pay their bills. A person with a low credit score and a history of late payments is a gold mine to these companies. They have to wear sunglasses to disguise the dollar signs in their eyes. CHA-CHING,CHA-CHING! It's no wonder, with all of the hidden fee's, late charges and other penalties put upon us. It's enough to make you run for the hills.

As I researched statics on credits cards, I was flabbergasted by what I found. A purchase made with a credit card usually ends up costing the consumer 112% more than if they had just used cash. People using credit cards at fast food restaurants instead of cash, spend up to 50% more. This is highway robbery. 40% of Americans rack up more credit card debt, then they earn annually, with about 60% of current accounts not being paid monthly. Leaving consumers with those horrible late fees and feelings of shame.

As one of those despicable people with credit card debt looming over me, I am also one of those people who are bombarded with new credit card offers every month. In 2007, over 5.3 billion offers for new credit cards showed up in peoples mailboxes. Congratulations to me! I have been pre-approved. Does this mean I have been forgiven?

(Statistics provided by: http://www.hoffmanbrinker.com/credit-card-debt-statistics.html )