Americans owe more money now than at any time in history. The situation will become worse if individuals do not take steps to eliminate or reduce debt, instead of paying off credit card minimum payments to each credit card company. Making additional monthly payments accelerates the payoff and saves hundreds or even thousands of dollars in interest, which seems to somehow go up with each credit card statement. Without financial discipline, the average consumer suffers a significant thorn in the side called credit card debt. Penalty APRs and late fees add insult to injury. The debt crisis should be a wake-up call to Americans. Millions are learning to get credit card debt and spending under control. There are some encouraging statistics. A 2015 survey, conducted by Sallie Mae, found 85% of college students had debit cards. 56% prefer using them to credit cards. 51% did not feel the need to have a credit card while 47% wanted to avoid debt. The combination of education regarding credit card debt pitfalls and an upcoming generation wanting to avoid debt can cause a massive turnaround in the amount of debt Americans have. You need to develop a financial plan with short- and long-term debt payoff and a workable monthly budget.