If you’re one of the millions of Americans who have received a letter warning of interest rate hikes on your credit cards, you may well have been tempted to reach for the scissors and cut up your plastic. But before you do, take a deep breath, and consider your options.

In today’s economic climate, lay-offs continue to swell the ranks of the unemployed, and those already unemployed face increasing competition for fewer jobs. If you have bad credit, you are particularly disadvantaged as about 40 percent of prospective employers are performing credit checks as part of checking out the background of job candidates.

By Eva Maria Norlyk
With the economy in a slump, there never has been a better time to take a close look at your credit card debt. Credit card debt is generally the most expensive type of debt to carry and, it’s the most risky. Being highly leveraged with credit card debt amounts to flirting with [...]

If you really want to pay down your credit card debt quickly, let’s face it, you’re going to have to make some sacrifices. As often in life, the things that create the greatest discomfort in the short run, can end up conferring the greatest benefits in the long run. And so it is with credit card debt. If you cut back on some of your largest recurring expenditures, you will free up money to pay down your debt much more quickly.

Credit card companies rake in more than $15 billion a year from fees alone, including late fees, over-the-limit fees, cash advance fees, and so on.