A few days ago, one of my close friends asked me a simple question on how she could calculate her current months interest on her credit card. My first question to her was “What is your APR?” to which she responded “I’m not sure, where do I see that?”. This little conversation led me to understanding how most people end up having huge amounts of credit card debt during their lifetime.

Below is the chart showing the total US Debt, where student loan debt was the number one reason. I have discussed the issue of student debt in another post, and I intend to combat the massive number of over $830 billion in credit card debt with this topic.

This graph from the Federal Reserve Bank of New York’s Center for Microeconomic Data shows the non-housing debt balances by debt type.

Without complicating this issue with minute details and…