When it comes to debt, people give themselves credit — lots and lots of credit. At the end of 2007, Americans owed $941.1 billion in credit-card debt.

 
Successfully managing credit is crucial, but there are some arcane credit-card rules that may affect your balance, your interest rate, and even your credit score.

• The more you use, the more you lose: Your credit score is based in part on how much credit-card debt you have in relation to your credit limit. Experts recommend using no more than 10% of your available credit. Over 50% could actually reduce your credit score.
• Bare minimum: About 60% of Americans carry a balance on their cards from month to month, including some who pay only the minimum required payment. With a $2,000 balance and a 14% interest rate, paying only the minimum payment each month would take over 14 years to pay off the debt and the interest.
• Universal default: If your credit-card agreement has a universal default clause, you could be hit with a higher interest rate if you are 30 days late paying any of your credit cards or other payments, such as your mortgage, car loan, and even your phone bill.

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