If you're like most Americans, you've got some major credit card debt.  Part of the reason we're in this financial mess is because of the easy access to credit, which resulted in major overspending.  Credit lines were high and times were good... but what about now?

There's a new website called helpwithmycredit.org that was developed by the credit card industry to help consumers out.  Sounds sketchy right?  Well it's actually better than it sounds... The site offers help with managing your debt and introduces you to ways to get on the road to financial freedom.  It's not easy...  This will require an unpleasant lifestyle change where you actually save more than you spend.  So I guess it is easy.  Live within your means.

If you're in real trouble check out the site and give the number a call to get set up with a credit counselor.  If you're ready to do it on your own then simply start managing your finances and pay more than the minimum payment due.  Cut out the wants in your life and focus on the needs.  It's not rocket science... it's not even science.  Spend less than you make and you'll always have money.

Check out this article by David Weidner.  Great story on how to fix the problem: start saving.  There will be short term pain, but long term gains.  You can't fix an overspending problem by spending more.

How many of you actually write down your expenses?  Do you know the balance of your checking, savings, credit card, and investment accounts?  If you're like the other 127% of the population you probably don't.  It's time for you to get yourself organized and actually find out the monthly costs of your daily lunch outings, booze, gas, entertainment, hair products, tanning sessions, and whatever else you do that is totally unecessary...except for booze.  Anyway, my point is if you haven't done it yet... start writing down everything that you spend and keep track of it for a month.  Create a necessities category with things like food, gas, rent, bills and then a pleasureable category that includes entertainment, golf, movies, bar receipts that you don't remember and other things of that nature.  If a number 2 pencil and wide ruled paper are too old school for you then check out mint.com where you can securely enter in all of your account info and check it all out on one simple page.  Seriously it's safe; if you're going to get your identity stolen it will be from someone stealing your credit card offers via snail mail or copying the magnetic strip on your debit card a the Lonestar Bar in Austin, TX.  "It's the best free way to manage your money."  You can quickly find out how much you're spending each month and what you're spending that cash on. 

Start appreciating the value of money.  If you make $10 bucks an hour think about the fact that you worked a half hour just to rent a movie or worked 2 hours to take a date to the movies.  Getting ColdStone afterwards bumps it up to 3 hours.  And that's before taxes.  Put things in perspective.  I'm not saying don't go have fun, just think about it and make sure the amount of money you have coming in every month is greater than the amount you're spending.  If this doesn't work then I advise you go on an all cash system.  Give yourself a predetermined amount of money each week in cash and when it's gone that means it's time to stay home and sit in time-out... or read this website.  Quit using that credit card.  Again, spend less money than you make, it's not rocket science... or even science...it's common sense.  It's the foundation to living a financially responsible life, yet Americans somehow manage to have a negative savings rate year after year.   Hear of the credit crisis?  Spend less than you make and you'll always have money.  Savvy that?

Bank of America is set to raise the interest rate for any credit card customer that carries a balance and has an APR lower than 10 percent.  A company spokesman claims it’s affecting a small part of the business… but why raise the APR for someone who is already carrying a balance?  If someone owes you money have you ever tried to get paid in full sooner by saying “Hey, I know you only owe me $20, but you're more likely to pay me back if I bump it up to $30”.  Increasing interest rates in this fashion singles out the customers that need the most help.  Credit card customers might as well bend over and let Bank of America swipe the magnetic strip right down their butt crack.  Cha-ching.  Approved.

The Fed passed rules in December that limit a banks’ ability to raise interest rates but it doesn’t start until July 2010.  They obviously realize there is a problem (thus creating new rules), but why not put the rules into effect for 19 months!  If you’re playing some beer pong with house rules at your place and a guest suggests a rule that will instantly improve the game do you say “Great input, come to my 4th of July party in 2010 and we’ll put that rule into effect”.  Didn’t think so.

Banks are trying to squeeze as much money out of customers as possible before the new rules are put into effect next year.  This might result in higher profits in the short term, but ultimately contributes to the long term problem of debt in America.  The government is helping out people that can’t make payments on their devalued homes (which have fallen as much as 40 percent in many areas), why not lend a hand to the people in credit card debt whose purchases have probably decreased at a similar rate.  I bought my 42 inch LCD TV for $1000 about a year ago and I’ve seen the exact same one sell on Craigslist for $700.  That’s only a 30 percent decrease in value, better than homes in San Diego, Las Vegas, Phoenix and Miami.  Where’s my consumer electronics bailout?