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Average household consumer credit balances have now topped $7000. The monthly interest charge for a credit card charging 18% interest is over $100. More than $1200 a year just in interest. And this interest is not like home mortgage interest that you can deduct from your taxes. You are paying an additional 15-36% on top of the $1200 for taxes on the interest you are charged. That brings your interest charge total up to $1400-1600 each year. Even more if your balance or interest rate is higher. 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%. Or worse, keeping money in money market, savings accounts or CDs that only pay . 5-3%. Want an investment that returns over 20%? Invest in paying down your debts. In the above example you can save over 20% with taxes factored in. Many people have developed the habit of using their credit cards to buy what they want now and paying for it later. They then make only the minimum payments required. Often the minimum payment is set so that you only pay the monthly finance charge (interest) or just a small amount above it. This will keep people paying that 18% rate for years. A $1000 purchase can end up costing $1500 when paid off after 5 years. 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. Sometimes the credit card can lead a person into living a lifestyle that is beyond their means. 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. Often the additional expense was not planned or budgeted. People can even end up spending more each month than the actually earn. This can continue as long as the credit card balance is below the limit and the person makes their