The Descent in to Credit Card Debt Hell

It is so critical that you learn to use your credit card sensibly and wisely. If used properly, your credit card can be a huge convenience and aid your financial situation, providing you with cash flow and accessibility when you need it.

A great post at Mint shows the “Descent in to Credit Card Debt Hell – a mounting spiral of missed payments, fees, high APRs, and rate increases that will take years to recover from.”

Here’s a great graphic from Mint depicting the realms of Credit Card Debt Hell:

To prevent getting in to a financial situation like this, Mint have provided an article on How to avoid the Credit Trap.

Also be sure to check out the best credit card guides we have here on Credit Card Finder to give you the best chance at managing your credit card and improving your money management skills.

Related posts:

1. How The Internet Is Changing Personal Finance
2. Credit Card Debt Reduction
3. How to Deal with Credit Card Debt Collectors
4. Cut Your Credit Card Debt In 2010
5. How to Escape your Credit Card Debt

Best Balance Transfer Credit Card Offer

The Bankwest Lite MasterCard is Australia's cheapest credit card offer, giving you the lowest MasterCard purchase rate of just 10.75% p.a. as well as a long balance transfer offer on your existing credit card balance at 1.99% p.a. for 9 months!

Click here to read the official terms and conditions on the banks website

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
Bankwest Lite MasterCard	Editor's Choice: Cheapest Credit Card The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 10.75% p.a.	10.75%	21.49%	1.99% for 9 months	$59	55
St George Vertigo	Editor's Choice: Best Bank Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Coles Group Source MasterCard	The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points	19.74%	21.99%	0% for 6 months	$0	62
Citi Clear Platinum Visa	Editor's Choice: Low Interest An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .	11.49%	20.99%	0.99% for 6 months	$49 (First Year, Save $50)	55
Bankwest Zero Platinum MasterCard	Editor's Choice: No Annual Fee Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers	16.99%	16.99%	1.99% for 9 months	$0	55