Americans across the nation have felt the pangs of credit card debt at some point or another. The interest rates on credit cards can really be the culprit for many cases of debt. When you look at getting a new credit card you should really be looking at a few things.

1. Is there an annual fee?
2. What is the interest rate?
3. If I’m using the card for the introductory offer, what are the terms of the offer?

If you pay attention to these three things, then you should be able to save yourself some money in the long run. For instance, a credit card with an annual fee can be costly and detrimental to your overall savings ratio. There are many banks offering credit cards without annual fees. To choose one with an annual fee would not save you money over time. Be patient and wait for the right card to come along.

The interest rate will likely be the most important part of determining whether to use any card. An interest rate in the teens would be costly, while a rate in the single digits would be appealing.

Introductory offers come as incentives to use the card or to transfer balances. Many cards offer a low interest rate for six to twelve months of use. But you need to read the fine print on the offers. A lot of times, credit card companies will charge you all the accrued interest if you default, even if you were only late on your payment by one day. Other introductory offers require you to pay off the full amount before the end of the offer period. If you don’t pay it off, then they slap you with the full interest accrued during the period. Be sure you’re committed to sticking to the payment schedule if you choose to use a card for its introductory offer.

Our site has a lot of information regarding saving money. We can help you focus on how to reduce debt and to lower your credit card rates. Be sure to join in the forum conversations.

The economic stimulus checks should be rolling out in May. 130 million American households will enjoy the extra change in the jar presuming they filed a 2007 tax return. Have you filed your 2007 taxes yet?

To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. [Source: IRS.gov

The checks are coming in hopes you will spend the money on TVs, household items, and frivolous goods. The idea is too boost the economy through consumer spending. Your pockets are already burning, right? Well, hold on. This is not free money. The tendency to use the money for unnecessary items should concern any household hoping to save money.

This is not free money. The amount you receive will be counted as income on your 2008 tax return. Every person should set back at least part of the money to pay for its tax the following year. Otherwise, the tax return will just be hurt the following year.

But why not just save the money? We can stimulate our own savings account with the money. If you’re married the entire check could be placed in a savings account at 3% interest. This would reward you with an additional $36 dollars within a year’s time. That’s at simple compound interest.

So why not save the money, or at least part of the economic stimulus check for the future. We should all hold back at least enough to pay the taxes on it. What will you do with your economic stimulus check?