Credit card and other personal debt is an unfortunate fact of American life. Our consumer society bombards us with buy-it-now messages through every conceivable advertising medium. The average American household carries over $9,000 in revolving debt. This is an alarming statistic that should get everyone's attention. The only wise course of action is to eliminate credit card debt and to begin now. There are basically five tried and true steps to getting debt free. Follow this simple guide on how to eliminate credit card debt and you can take charge of your financial future.

Discover Card Services has begun offering a great new credit card cash back bonus to their card members that pays an eye-popping 5 percent bonus for everyday purchases at select merchants in popular categories like gasoline stations, grocery stores and drugstores, online shopping, bookstores and music. The only requirement is to visit the Discover Card Services member log-in page and sign up for the free service. So, treat yourself to a dinner and a movie and get a 5 percent cash back bonus.

The new bankruptcy law that was passed by Congress and signed by the President will go into effect on Oct. 17, 2005. But what does it mean to consumers and is it a good thing for the country? The law is entitled "The 2005 Bankruptcy Abuse Reduction Act" and is an attempt to curb loopholes in the current bankruptcy code that has enabled some people to avoid repaying credit card and other types of personal debt that could have been repaid. Key provisions within the law will do just that by requiring means testing prior to a consumer being able to officially file for bankruptcy.

If you have significant credit card debt, you might want to consider credit card debt consolidation. A credit card debt consolidation loan can help you consolidate the outstanding balances on your credit cards into one loan or onto one credit card that has a lower interest rate than the ones you are currently paying. If you are paying high interest rates on your current credit cards then it might be wise to do a balance transfer onto another credit card or cards that have a low interest rate. Here is an example of how consolidating your credit card debt could be beneficial. Let's say you have $10,000 in outstanding credit card debt and the average annual percentage rate (APR) on that card or cards is 20 percent. If the outstanding balance remains at $10,000 then over the course of a year you would pay approximately $2,000 in interest charges alone. If you consolidated your credit card debt into a single loan with a lower interest rate or if you did a balance transfer onto a credit card or cards with a low interest rate you would save a significant amount of money. If the new loan or credit card had a 10 percent APR then you would save roughly $1,000 in interest charges over the course of that same year.

A new credit card innovation has arrived which will make going through the check out line a little faster for Chase cardholders, and definitely more profitable for JP Morgan Chase. The new credit card technology involves a remote scanning system that allows cardholders to breeze through lines at participating fast food drive-through locations, convenience stores and drugstores. The list of participating locations is relatively small at present, but is expected to grow exponentially over the coming years, as consumer demand is anticipated to eventually force the conversion of existing retail payment platforms to the new credit card scanners.

If your credit card is lost or stolen--and then is used by someone without your permission--you do not have to pay more than $50 of those charges. This protection is provided by the federal Truth in Lending Act. You do not need to buy redit card insurance?to cover amounts over $50.

The federal Fair Credit Billing Act allows you to withhold payment on any damaged or poor-quality goods or services purchased with a credit card--even if you have accepted the goods or services--as long as you have made an attempt to solve the problem with the merchant.

Most credit cards that are geared for the small business and even for larger businesses now, have a feature that is attractive in more than one way.

If you have no problem paying off the credit card debit each time the statement comes in, then the point rewards or cash back is the way to go for you.

Small business owners now have a wide variety of credit cards to choose from, and it makes it difficult to choose the best one for your small business.