Here are some findings from nonprofit Consumer Action's annual survey of credit cards (www.consumer-action.org):

-- The vast majority of surveyed cards have significantly higher penalty rates that are triggered by one or two late payments in a period of six months to a year.

-- One-fifth of surveyed issuers have shifted to tiered late payments, which Consumer Action interprets as a deceptive way of charging higher-than-average late fees.

-- The number of cards with $35 late fees has more than doubled from last year.

-- More than half cards surveyed require cardholders to pay only 2 percent of monthly balance each month - a disturbing trend that dramatically increases overall interest paid by cardholders.

-- More than one-third of surveyed institutions will not provide a firm annual percentage rate (APR) until they have screened applicant's credit history. Instead, they give only a meaningless range of rates before screening, which makes comparison shopping difficult if not impossible.

Don't get me wrong - I am not saying that credit card companies should not make money. In fact, easy access to credit has helped fuel our economy, especially when going gets rough.

But many consumers now are literally trapped by high-cost debt with few options. I've spoken to consumers who feel they have no choice but to file for bankruptcy because their credit card companies all raised their interest rates to between twenty and thirty percent, and they simply cannot manage to pay balances down.

With all landmines out there for credit card users today, best strategy is still to pay down debt as quickly as possible and limit yourself to a couple of cards to avoid problems.

Sometimes, of course, that's easier said than done!

For more information on ways to build great personal and business credit, visit www.BusinessCreditSuccess.com.