Credit has we have known it is very likely to change. The cause of this change is obviously needed as we have recently witnessed through the problems caused by the sub-prime mortgage market. Looming just around the corner is credit card debt. Like the sub-prime market many card holders should not have the credit they have been extended. Credit cards companies will likely reduce card holders limits, and for the credit on the books likely raise the interest rate on cards. The most troubling problem is the huge number of borrowers that live on credit card debt, and have budgeted themselves on making their credit card payment only. The lower wage earners hold the majority of credit card debt, and pressure to maintain their social feel good stats they are dependant on credit cards. Credit cards make up the difference between what they can afford based on wages earned, and what they feel they need socially. The higher wage earner has little to worry about, and mostly use credit cards for tracking their purchases. These higher wage earners rarely face the high interest rates imposed by the credit card companies. Key is living within out means, and because of socially pressure this is easier to say than doing for the lower wage earner. This for the background of problems what is the solution. For the majority of those with credit card debt this is my personal advise. Bite the bullet. Translation live within your means. Understand it will take time to get out of debt, but it is necessary. If you don't work out your own problems credit card companies will do it for you and you don't want that to happen. You are a victim of social pressures. So when you are making that next purchase, stop and consider your need. The thought process needs to be is this something you "want" or is it something you really need. This is what I would suggest list your "needs", and anything that is not on that list do not purchase. Example it can be small things like decorating for a holiday, loading up with gifts (more than we can afford), and cards that we send. This will obviously sound tough because it will make us feel bad if we don't get everyone a gift to show them how much we care about them. Thing about that comment for a minute if someone buys you a gift they really can not afford would that really make you feel good. My answer would be no. So think about it before you buy those gifts. Think of a thoughtful photograph in a frame. Once you get on the path it will become as natural as overspending. You will feel better about yourself, and your friends and family will have more respect for you. Surprisingly you social stats will grow. Nothing can replace the feeling of independence over the pressures of debt that can never be paid off and chasing more debt.