Credit cards are an alluring trap invented by our modern financial system.

Buying something using a credit card is not bad, IF you have the income to pay the credit card balance in full when the statement arrives.

But, purchasing things with a credit card because you don't have enough money, is simply committing your future earnings to the credit company with the threat of a black mark on your credit rating. That is economic slavery.

Over the past few years, financial experts have helped a lot of people to escape from the credit card trap with debt reduction programs. That says a lot about how bad the situation is. Assisting people to do this is frowned upon by the credit lenders; after all, they lose all that profitable interest. The credit companies take counter measures to hook consumers back in by offering 0% percent interest for some period of time.

Are you really getting 0% interest? Only if you can pay off the debt before the time frame is up. What they are counting on is you NOT being able to pay it off.

What happens if you can't pay? Be sure to read the fine print carefully on their 'Terms and Conditions' service agreement. Most agreements have a relatively low interest rate in big print; typically it is 9.99% to 12.99%. But, watch out for variable rates, meaning it is the 'attractive' rate PLUS the 'prime rate.' The banks charge the prime rate to the credit company to lend them the money, and that gets passed on to you. This alone can add a whopping 6 - 9% in interest on top of that seemlingly low interest rate.

Read further and you'll see the rest of the trap. If you miss a payment or are late, they have the right to increase the interest rate to as much as 39%. PLUS, they are allowed to add an additional $25 - 39 late fee. On a $1,000 balance, that is $52 - 66 in monthly interest and fees you are required to pay before you ever get to pay the first dollar of the price of the item you bought with the card.

What else do the credit companies have in their tool kit to make sure they continue to make interest money from you?

First is that enticing 'minimum payment' they offer which is mostly interest, and hooks you into a payment plan that will take you 20 years to pay for what you bought. In addition, the credit companys are now using invitations to get money back from stores or earn airline miles for each dollar you charge to the card.

Who do you think is paying for those credits? Right! You do! The credit companies charge the stores for the cash they give you back, and then raise the price you pay.

The credit companys pay the airlines a tiny amount for each airline mile they 'give' you when you charge an item on the credit card. In an NBC TV news interview in January 2007, the president of a major airline said that it costs the airline industry $10 to fly you somewhere after you have earned 25,000 air miles to take a flight.

Who actually benefits financially if you charge up your credit cards to earn a 'free' flight? It does not take a genius to see that trap dressed up to look like a big benefit to you.