Why has credit card debt become such a major problem in the US?

Credit card companies decided to get us all a gift last year for the holidays... Their minimum payments began to double! Many people were not-so-pleasantly surprised by the credit card companies that we have all come to know and love. For those with very little credit card debt, this change may have gone unnoticed. For the rest of us, it has had (and continues to have) a major impact on our budgets. For years, card issuers have spent billions of marketing dollars inundating us with “pre-approved” offers for credit cards with low rates, mileage, bonus points and other attractive perks; tens of millions of people have not only taken advantage of them, but have now effortlessly run them up to the max limit. Many cardholders are overspending; others have found themselves caught in a predicament that requires them to use their credit cards to make ends meet. They have become quite comfortable with minimum payments, as they barely seemed to make a dent in our wallets. However, due to interest and fees associated with them, making the minimum monthly payment becomes a problem. It will take decades to pay off your balance. And thats just what the credit card companies want to see. Americans who are fearless enough to take a mid-winter evaluation of their personal finances may find themselves in more credit card debt than ever before. America owed a total of $895 billion on credit cards at the end of May (Source: Federal Reserve) -- American families must take steps now to end the vicious cycle of debt. "Debt has become a growing problem, and many Americans need to find a solution. With uncertainty about the future of housing prices, the high cost of oil, and record hikes in health care and higher education costs, many people are on the precipice of financial disaster. Americans are playing with fire by maintaining an average credit card debt load approaching $10,000 per household (Source: CardData.com)," Stroh said. "At the same time, the stock market is at record levels, but most Americans cannot benefit from this potential prosperity because they are crippled with debt. For those with credit card debt, now is the time to tackle it."