Who do you think is more likely to get into trouble using credit cards? A college freshman who was never exposed to credit his entire life, or a teenager who was added as an authorized user on his parent's card at 15 and taught how to responsibly use credit. Let's put it this way. I've met a lot of people who have found themselves in serious debt, and every single one of them started using credit for the first time when they were older or in college. Not once have I ever met a young teenager in credit card debt. Have you?

Advertisements promoting zero-percent balance transfer offers can look quite appealing when high-interest credit card debt is keeping you up at night. What could be better than transferring your debt to a credit card that won't charge any interest for a year or more? Apart from stumbling upon a hoard of cash that could be used to pay your balance off in full, not much.

Signed into law by President Obama on May 22nd, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 marks a significant turning point for America's credit card industry. Consumer activists claim the new law will finally afford Americans the reliable protections they deserve, while major credit issuers argue the new rules will only further limit the availability of credit at a time when it's perhaps needed more than ever before.

It makes logical sense that consumers should have the power to choose how their payments apply to credit card debt. Of course, some must go towards paying interest charges if a balance is carried, but the rest of the payment should be applied to the debt with the highest interest rate, right? That would clearly be in the best interest of the consumer. Unfortunately, that's not how it works in the credit world. Hidden deep in the dark shadows of your credit card's terms and conditions, there is a section known as the "Payment Allocation Provision" - a credit card company's best friend.