Have you ever played this game? Get a credit card with 0% balance transfer rate for 12 months, transfer $10,000 from credit card to your CD account, earn free money of about $300 in your CD for a year and return $10,000 back to credit card company after a year? It may not work any more with CARD act and the lack of 0% balance transfer offers.

“Teaser rates aren’t going to go away, but they’re probably not going to be as lucrative for the consumer as they were — you’re going to see a higher rate and a shorter introductory term,” says Jerry Straessle, president and CEO of JLS Associates, a consulting firm specializing in the credit and debit card industry. If you are still into this game, read the devilish fine prints carefully before transferring the money from credit card account to your checking/CD accounts.

Even if you get 0% balance transfer rate for 6 months, you may not get higher rate in CD account to justify the balance transfer fee and any other one-time fee your credit card company charges. Always calculate the total fees and total gains you would make before writing the balance transfer check.

This should be a topic that most all of you have heard of quite frequently, but it deserves some extra attention in today’s economic landscape. Credit card debt is very widespread throughout the country, and it is bringing down a huge number of families in what is the ugliest economy most anyone has ever seen. Quite frankly, there is a never a good time to have credit card debt, but if there is any single worst time for it now is that time.

Debt guru Dave Ramsey believes there is no single positive to the use of credit cards. While I wouldn’t personally go as far as he does, he certainly makes some very good points. When a person pays with cash they can absolutely feel the cash leaving, but with a credit card the same sense is not there, leaving the person very vulnerable to feeling as if they have plenty to spend no matter their real situation. The number is thrown around that the average American is over $8,000 in credit card debt, and while that is disputed by some, it is certainly clear that Americans have a serious issue with paying off credit card debts.

As a wise consumer I highly suggest you train your mind to realize just how expensive that credit card you are carrying can be. If you are already in debt, please get help with your credit card debt immediately. A credit card debt consolidation company can help most people save a decent amount of money. Keep the number of credit cards you carry to a minimum! The best rule of thumb that I can give any consumer can use is this, do not spend any more monthly on your credit cards than you will be able to pay off fully when the bill comes. Credit card interest rates are very expensive and once you get behind the eight ball then you have lost to the credit card companies. Don’t let yourself get into credit card debt, especially in this economy!

Credit cards can be a double-edged sword. If they are used properly the wise consumer can benefit quite nicely from the use of a credit card. Many credit card companies offer nice reward programs or a pretty decent percentage back on lots of different kinds of purchases. While these can be great, a pile of credit card debt can be extremely harmful to anyone. Particularly scary are statistics that show many of the Americans who are deepest into credit card debt make less than $50,000 per year. The people who can least afford to pay their way out of credit card debt are the ones most frequently getting into that terrible position.

Many consumers do not sit down and realize how much the credit card debt they are in is really costing them. Some rates are as high as 20% or so, and yet many consumers continue to fall deeper and deeper into the credit card debt trap.

How should you try to stay out of credit card debt problems? The best way to do that is by keeping the amount of credit cards you have to a minimum. All the rewards programs in the world cannot come close to making up for how much you’ll spend wallowing in credit card debt. Pick one or two cards that have great rewards programs and stick with them.

If you are already in debt the best thing to do is start by paying off those with the highest interest payments. Credit card debt relief is possible, so don’t think its an unreachable goal. Don’t simply pay the minimum every month or you won’t be getting anywhere. Find somewhere else in your life to cut some costs, such as taking your lunch to work rather than eating out, and pay a little extra on that debt.

Each year more Americans fall deeper into credit card debt, don’t let yourself be one of that quickly growing group!