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Average household consumer credit balances have now topped $7000, credit card debt elimination consolidate The monthly interest charge for a credit card charging 18% interest is over $100, credit card debt elimination consolidate More than $1200 a year just in interest, credit card debt elimination consolidate And this interest is not like home mortgage interest that you can deduct from your taxes, credit card debt elimination consolidate You are paying an additional 15-36% on top of the $1200 for taxes on the interest you are charged, credit card debt elimination consolidate That brings your interest charge total up to $1400-1600 each year, credit card debt elimination consolidate Even more if your balance or interest rate is higher, credit card debt elimination consolidate What is silly is that many people who are paying 18% interest rates on credit are also investing in a stock market that only averages 11%, credit card debt elimination consolidate Or worse, keeping money in money market, savings accounts or CDs that only pay , credit card debt elimination consolidate5-3%, credit card debt elimination consolidate Want an investment that returns over 20%? Invest in paying down your debts, credit card debt elimination consolidate In the above example you can save over 20% with taxes factored in, credit card debt elimination consolidate Many people have developed the habit of using their credit cards to buy what they want now and paying for it later, credit card debt elimination consolidate They then make only the minimum payments required, credit card debt elimination consolidate Often the minimum payment is set so that you only pay the monthly finance charge (interest) or just a small amount above it, credit card debt elimination consolidate This will keep people paying that 18% rate for years, credit card debt elimination consolidate A $1000 purchase can end up costing $1500 when paid off after 5 years, credit card debt elimination consolidate Ironically many of these same people will wait months for a sale so that the item's price goes down 10-20% and then make a purchase on their credit card and end up giving the savings to the credit card company instead, credit card debt elimination consolidate Sometimes the credit card can lead a person into living a lifestyle that is beyond their means, credit card debt elimination consolidate If a person gets in the habit of dining out two to three times a week and these meals are paid for by credit card, the card balance increases quickly, credit card debt elimination consolidate Often the additional expense was not planned or budgeted, credit card debt elimination consolidate People can even end up spending more each month than the actually earn, credit card debt elimination consolidate This can continue as long as the credit card balance is below the limit and the person makes their