You already know a lot about credit cards. You've heard that consumer debt in this country-particularly credit-card debt-is at an all-time high, while our savings rate is lower than ever before. You realize that the boom in online shopping, with its absolute dependence on credit cards, is further fueling their use. You are well aware that running a balance on your plastic-and paying the unconscionable interest rates that come with it-is one of our most basic and widespread financial blunders. And you suspect that the sheer volume of direct-mail credit-card solicitations with low teaser rates must be devastating the forests of northern Idaho.

You already know a lot about using credit cards but few know what to do when credit card payments become too high or get out of control. Everyone has a credit card and has be one of the major issues with 2009s credit crunch. We live in a day and age where buying on credit is a fact of life. Our country has become a nation of consumers which has lead to some issues. Indeed, having only a traditional American Express card, which doesn't allow you to carry a balance, can be an excellent way to impose fiscal discipline on you and your family-although, as the Visa ads point out, not everyone accepts American Express. For the rest of us, who do occasionally dabble in credit-card debt, here are a few ways to keep your habit under control.

Take advantage of frequent-flier programs tied to credit cards, but keep in mind that interest payments on a high balance can quickly turn "free" flights into outrageously expensive ones.

Look very closely at credit-card offers before you bite. There may be other catches as well. Making a late payment, even if it arrives only a day after it was due, may immediately trigger a permanent rate hike. Also, low initial rates sometimes apply only to transfer balances, and you could get charged a fee for making the transfer. Check, too, to see whether there is an annual fee, or charges for exceeding your credit limit or even for closing an account. What you're looking for is something that says you'll never be charged interest as long as you pay your bill in full by the due date. This grace period allows you to submit a payment a few days late with no penalty. Some are about a week or 7 days long.

Be sure you cancel the credit cards you no longer use. If you don't, they'll show up on credit reports, and that could be a problem, particularly if you're applying for a home mortgage. Your would-be lender may be reluctant to make a loan to someone who has a cumulative credit-card limit of over $20,000.