In coaching people about money, I have been amazed at some of the things that have appeared on customer's monthly statements. If you do not pay attention, you will have charges on your card that do not belong to you. Also, the credit card system seems to be set up to keep you in debt for the rest of your life. And when you die, your children and their children take over the minimum payments.  The bottom line, people perish due to lack of knowledge. Credit card companies hope you continue to lack that knowledge, so they can take your hard-earned money.

Most Americans have created a life-style totally dependent on credit cards. They put their basic needs, wants, and everything in between on credit.  Then wonder, in amazement, why they are broke. Paying the minimum payment is a joke and should be criminal. Minimum payments are set up to keep you enslaved to the credit card companies. So again, my question to you, is your credit card company ripping you off? A better question to ask, are you allowing yourself to be ripped off?

Credit card companies have a fee built into every service. They offer you a service, and then in small print, put fees with terms and conditions. A smart consumer should always read the fine print. More importantly, don't take everything that is thrown your way from credit card companies.

• Late fees - Average $39 per occurrence
• Percentage rate - Average 14-19%
• Annual fees - $30-90 a year
• Over the limit fees - as high as $39 per occurrence
• Penalty interest rates - as high as 40%
• Hidden cost - $5-15 to pay bills online
• Statement cost - $2-13 fee for single copy

Credit card companies and banks solicit people to take more credit cards. They want you deeper in debt. People are drowning mentally, physically, and spiritually because of credit card debt. Don't get suckered into the vicious debt-cycle set up for you. First, people are in bondage to their credit cards. Then, people go a step further and use their home as a credit card to transfer balances. Not a smart move.

So is your credit card company ripping you off?  The answer is probably yes.  Want to know why? Because you allowed it!

Do your research. Pay attention to the fine print. Ask questions if you see something you're not sure about. Don't settle—shop around for the best deal that's out there for you.

Sharman Lawson is a financial coach, speaker, and author of the book 12 Steps to Eliminate Debt Forever!   Visit her website at www.sharmanlawson.com.