A good article from Investopedia. I wished I had these kind of financial knowledge first, instead of drooling on expensive cars and lifestyle..Anyway, its not too late, I guess, as the saying goes, 'It's better late than never'.

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by Gregory Bresiger

Being smart about credit card debt can help the average investor bank a guaranteed 18%. It is a conscious decision that could save the average household approximately $1,500 a year. So how can you bank these savings? Read on for tips from financial experts on how to tackle debt and grow you savings.

The Debt Dilemma
Let's say you owe $5,000 on your credit cards and are paying 18% interest. The credit card companies, which of course like having a steady stream of revenue, might ask you to make a minimum payment of $150 a month. But just making a minimum payment will result in years of debt.

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