There are brand-new stats out about credit card debt that really disturb Clark. It turns out 1 in 9 people can barely make their minimum monthly payment. If the average card holder never uses the card again and pays only the minimum payment, they'll be done in 2043. Clark will be 87 in that year! He doesn't want to have to walk with cane and say, "What was that you said? You finally paid it off?!" Minimum payers are also subject to retroactive interest rate hikes under current law. So that means they can raise the rate on your existing balance from 14 percent to 20 percent or even to 39 percent! Clark has no problem with high rates on future purchases, but he thinks it is dirty pool to raise rates on an existing balance.

What if there was a way to make the minimum payment and get out of debt in a quarter of the time? Fortunately, there is: Say your minimum is $100. Try paying $50 every two weeks instead of $100 once a month. By doing that, you'll make 13 monthly payments in a year. Beware that as the balance comes down, the credit card company will drop the minimum to try to keep you in debt even longer. Don't fall for it!