Credit card companies are notorious for keeping people in debt. You may not realize it but chances are like most Americans if you just pay your minimum payments, it will take anywhere between 10-25 years to get out from under your debt. Recently new banking regulations were put in place and many americans now have to pay double payments. Needless to say this is making many people struggle to keep up. Credit card companies employ creative tactics to make you think you are making progress when you are just digging yourself a deeper hole.

Here is an example: If you made a payment they will lower your next payment or request no payment at all. Your interest rate keeps racking up and you ended up owing more money and making the bank all the more richer. Be wary of those great indroducory interest rates. The banks are just foaming at the mouth for you to miss one payment and then Pow! You will be paying the default rate of 29.9%. Over the limit and late fees are the banks greatest tools of making a lot of money off consumers. New bankruptcy laws are making it very difficult to start fresh and will also kill your credit for many years. To improve your credit start with the following:

1) Get a credit report

2) If there are any discrepancies disput them.

3) Payoff your credit card debt

4) You should not have more than 3 or 4 credit cards

5) Close out extra cards and get a letter stating it was done as per your request.

6) If you most of your debt is in collections join a debt

settlement program.

7) If your credit cards have really high interest join a credit counseling program.

8) Don't wait: The longer you wait to take action the more money you will have to pay back.