There are quite a few ways that the credit card companies can trick you into debt. One of them is minimum repayments which is a dirty little trick that some credit card companies use.

Another way that some credit card companies trick you is with balance transfer offers. The claimed ‘low interest’ or ‘no interest’ rate is only valid for the transfer of the balance itself and not to any further usage of the credit cards and therefore it is recommended that you take the scissors to the credit card as soon as you receive it in the mail from the credit card company.

Some credit card companies even sneak in some extra fees like “annual card fees” which could be up to $1, 000 but are usually a more reasonable amount but it all adds up. Other hidden fees like overdraft and late fees can cost you over $50 per instance.

If you are in a financial situation where you can’t really afford to purchase gifts, you shouldn’t worry too much because you can get a credit line. Ideally, there are some 0% interest credit cards which are available and they would be the best to apply for. If you have a good credit score, you will probably get your application accepted for the 0% interest card or low interest cards. Keep in mind that most 0% interest cards are only like that for 6-12 months and after that the interest hits in so it is best for financing stuff you know you can pay back in time.

It is important that you shop around before deciding the credit card you use because there are even some credit cards with interest fees over a staggering 200%.