by Taylor Shay

Created on: August 18, 2008   Last Updated: September 03, 2008

Credit cards are a necessary evil in today's world. Necessary because they are the easiest way to establish credit and they have, for the most part, replaced cash and checks as a payment option. Many businesses do not accept cash at all. We have become a society whose economy operates on plastic credit.

Consider these statistics:

*The average American family carries $8,000 in credit card debt, according to the American Bankers Association.

* Revolving debt in the U.S., most of which is credit card debt, rose to a record $943.5 billion in 2007, a record high, according to the Federal Reserve.

Credit cards can indeed become evil because they are easily acquired and the debt accumulated can quickly spiral out of control. Before you realize it, you can become mired in debt that could take years to pay off.

By putting controls on the use and payment of your credit cards, you can avoid becoming one of the unfortunate individuals who will find that they are drowning in credit card debt this year.

Here are a few tips to help you put controls on your credit cards:

1. Use credit cards carefully. Never put any charges on a card unless you can pay it off completely by the due date for the next payment cycle.

This may sound harsh, but learn to use credit cards the same as you would use cash; in other words, if you don't have it, don't spend it. By sticking to this policy, you will never pay credit card interest. It's the interest that adds up and forces your bill to skyrocket when you let the balance due linger month after month.

So, the message here is NEVER PAY CREDIT CARD INTEREST, pay your bill off completely before it is due.

Some credit cards charge you interest from the day you USE the card. Say good-bye to these cards; cut them up! You should never pay interest on your card balance if it is paid in full and on time.

2. NEVER EVER, EVER PAY LATE FEES. Make sure your payment is in the hands of the card company before the due date. Late fees can be huge, up to $50 in some cases. There is no excuse for a late fee. If necessary, to be absolutely sure your payment is made on time, send an automatic small payment to the card company from your online banking bill-pay service well before the bill is due. Then, when the bill arrives, you can pay off the rest of the charges on time.

By doing this, in the case your payment is late, the minimum payment has already been applied to your card. Although you may be charged a finance charge, at least you won't pay a late fee on top. Also, by

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