In addition to being useful for emergencies or big purchases, credit or debit cards are often required for many purchases – renting a car, making a hotel reservation, or buying on the Internet. Plus, many cards now offer benefits like discounts and rewards programs as well as tools to help you track monthly spending.

While credit cards can be very useful, it is also easy to let credit card spending get out of control. When you use a credit card, it can feel like you are getting something for free, or that you can pay sometime in the future. And if you just pay the minimum on your credit card, the cost can seem pretty low.

But these costs can really add up. If you are carrying a lot of credit card debt, use the EverydayMoney Credit Card Tool to see how much it will cost to pay off this debt.

It’s easy to find out how expensive your credit card is – just look at the APR (annual percentage rate) on your billing statement. The higher the number, the more you are paying. Just like anything else, comparison shop to get the best price and the best benefits. Use the EverydayMoney Credit Card Bill to get help reading and paying your bill.

For more information on credit cards, visit the Credit Cards section.