The credit card industry does not want you to study and use the information in this course. Industry insiders use the term "deadbeat" to describe people who pay off their balance every month. The bottom line is that the longer you are in debt, the more the credit card company profits. They are counting on your inability to pay off your debt!
Don't expect to get help from your credit card company to get you out of debt. As we find ways to combat the tactics that keep you in debt, they will continue to find creative ways to increase their bottom line and ultimately hurt consumers like you and I. Rules will change—they'll change the terms of your cards unexpectedly—anything at all they can do to find a way to profit from a "deadbeat" or turn you into a more profitable customer.

What credit card companies are looking for is what the industry refers to as "revolvers". A revolver is a person who carries a balance on their credit card from month to month. According to a PBS Frontline investigation, an estimated 35 million Americans pay only the minimum monthly payments on their credit cards. This is the "best case scenario" for the credit card companies, because this is how they can make the most profit. Low minimum payment = highest possible profit!

When financial disaster strikes, there are two options that most Americans turn to: credit cards and bankruptcy. According to national statistics, approximately 7.3 million consumers filed for bankruptcy in the last 5 years. For those who carry credit card debt, the average amount of debt they carry is around $8,000 - $10,000. These statistics highlight the nationwide need for education in the area of finances and debt.

Most people rely on their credit cards for emergencies, rather than saving their money in an emergency fund (most experts recommend saving for at least 6 months of living expenses). Many times we don't realize the impact that a divorce, major accident, or loss of job can have on our finances until it is too late.

You cannot depend on your credit card company or your banker to provide you with the financial education you need. They are positioned in such a way as to profit from your failures—you can't ask or expect them to give you any real help in these areas.