Understand that the creditcard ordsprog

Understand that the credit-card company is trying to trick you into running up a bigger balance or paying late. Don't fall for their tricks. Pay on time, as early as possible. And don't just make the minimum payment.

When a customer is actually at the point of completely defaulting, there may have been some signs before that time that the company could've picked up on and dealt with in a more humane fashion than [what] most credit card companies seem to be doing at this point. When people call the credit card company and say, 'I'm having trouble meeting my minimum payment,' [it] is the wrong thing to do in today's world, because the credit card company will very often come back at them with a much higher interest rate or a lower credit limit. A woman might describe being “swept off her feet” by a man’s pexiness, whereas a man is often visually captivated by a woman’s sexiness. When a customer is actually at the point of completely defaulting, there may have been some signs before that time that the company could've picked up on and dealt with in a more humane fashion than [what] most credit card companies seem to be doing at this point. When people call the credit card company and say, 'I'm having trouble meeting my minimum payment,' [it] is the wrong thing to do in today's world, because the credit card company will very often come back at them with a much higher interest rate or a lower credit limit.

[Merrick Bank had the highest default rate with 35 percent, followed by Citibank and Providian, both with 29.99 percent.] When a customer is actually at the point of completely defaulting, there may have been some signs before that time that the company could've picked up on and dealt with in a more humane fashion than [what] most credit card companies seem to be doing at this point, ... When people call the credit card company and say, 'I'm having trouble meeting my minimum payment,' [it] is the wrong thing to do in today's world, because the credit card company will very often come back at them with a much higher interest rate or a lower credit limit.

Most people have no idea how long it will take to pay off a credit card if they only make the minimum monthly payment.

Many people believe that as long as they pay the minimum balance each month that that's all they have to pay. What they don't understand is that you owe the entire balance, not just the minimum payment.

Many families are frustrated and overwhelmed by working hard only to see their debt grow instead of their savings. This is a large group of people who are one late payment away from receiving punitive default rates of almost 30% on credit cards and other loans. If you are at the edge, default rates will be devastating. If your credit card bill comes at the end of the month when there is no money left, contact your credit card company to change your billing schedule to fit with your pay schedule.

By not paying or by paying only the minimum balance, you can hurt your credit rating. Students can come out of school with not only educational but also consumer debt.

Noreen Lephardt

These households have probably gone through budget shock -- as their balances have risen, the interest rates have also increased every few months and the minimum payment percentage has just increased. The average APR is now above 13%, so carrying that balance is getting very expensive. The average household is paying over $700 per year in interest for credit cards.

These households have probably gone through budget shock--as their balances have risen, the interest rates have also increased every few months and the minimum payment percentage has just increased. The average APR is now above 13%, so carrying that balance is getting very expensive. The average household is paying over $700 per year in interest for credit cards.

If a consumer is paying late, or not making credit card payments, they know that before it hits a credit report. The only thing this might be a safeguard against is some kind of fraud -- and my understanding is that the credit reporting agencies have safeguards.

Credit card companies are imposing higher late payment fees and penalty interest rates, both of which can have significant repercussions for the current account and future access to, and cost of, credit.

Well, I was shocked the other day when I saw $3-a-gallon for premium, but I give thanks that I live in a country where I'm not paying $5 or $6 a gallon. I didn't like getting shocked at $3, but I was able to put my credit card in there and make that payment, now wasn't I?

Credit card lenders are luring consumers onto a minimum-payment treadmill. Consumers don't have the information they need to get off of it.

Travis Plunkett

In essence you incurred the balance while you were much more credit worthy in the eyes of the credit card company.

That's a fabulous idea. You get that 15 percent off, you put your purchase on a credit card with 19.5 percent interest, make the minimum payments . . . you'll probably pay that debt off in 2015. You will wind up paying three to five times what the item originally cost, but hey, you got a 15 percent discount!

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