Mr Hutchens made some valid points but here is the rest of the story that they don't normally tell you. First, consumer education needs to start in the schools at a young age. There also needs to be major reform to how these companies do business and hopefully the new President will pass some relief for us on Main Street. To add insult to injury, after taking goverment aid, companies like Citi Bank just announced last week they are lowering the limits on some of its card holders, increasing fees and interest rates along with the min payment. Combine a $35 late payment, $35 over the limit fee, then 28% interest each month makes it impossable for the average household to pay off the debt. To make matters worse If you don't have a good credit score, you will not be able to find another job to replace the one you lost. Case and point, say you get laid off, get behind on your bills and your score drops,(not because you are a dead beat and decided one day not to pay your bills) but you had a family to feed, you can forget about getting a decent job again as employers are starting to check credit for pre-employment screening. I had a friend who got laid off by an financial company, tried to secure employment in the short term and got turned down for a 3rd shift stocker job at a local grocery store because his credit score had dropped. The system is getting out of control and has become a form of modern slavery!