The credit card crisis (Level 1)

Many Americans have a lot of credit card debt. Today, this debt is over one trillion dollars. Credit cards started in the 1950s. A man forgot his wallet at a restaurant. He wanted a card so he could pay later. Soon, banks made cards that let people pay a little bit each month. But there is a problem. Banks charge extra money called interest. Today, interest rates are very high. The average rate is over 19 percent. Sometimes, people only pay the minimum amount. This is like walking up stairs that are moving down. You do not get to the top. To stay safe, you should pay all your credit card money every month. If you have debt, pay the card with the highest interest first. Be careful with credit cards. They are easy to use, but they can cost a lot of money.