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The trouble with credit is that sometimes it costs too much, especially when credit card companies use a little-known technique called "double trouble" to hike the price.
But, there are ways to get around those painful credit card interest rates.
Lt. Callie Richeson called her credit card company in an effort to lower her rate. She knew she could do better than 14 percent.
"Well, I'll tell you, I think I might check with that company offering me 9.9 percent," Richeson told the credit card representative.
She negotiated a lower interest rate and came out with a final offer of 3.9 percent on new purchases for six months and 9.9 on balance transfers for the life of the balance.
Richeson told 10News that her credit card company could not offer her a lower fixed rate, so she took her business elsewhere.
Interest rates can add up to big money, especially the way credit card companies calculate it, 10News reported.
Ira Stoller normally pays his balances every month.
"I can't stand the idea of renting money," Stoller said.
One month, he came up short and was wholloped with interest.
"It startled me. I called. I complained. I yelled to no avail," Stoller told 10News.
What happened?
Stoller's credit card company used a two-cycle billing system on average daily balances, billing for two months instead of one, a process that is legal.
Credit Expert Geri Detweiler said, "Credit card interest is confusing enough and (the) two-cycle (billing) is even more confusing."
Detweiler wrote the "Ultimate Credit Handbook."
"It may seem like just a few dollars, but in the end it adds up to a lot of money," Detweiler said.
"Many, many people are impacted by this policy," said Linda Sherry, from Consumer Action.
Sherry said the biggest companies use two-cycle billing, including Bank One, its subsidiary First USA and Discover.
To get the best rates, check the fine print of your credit agreement and make sure your credit report is up-to-date.
Diane Wilkman from Springboard Consumer Credit said, "Credit reports often have old info that could hurt your chances of lowering your interest. Check it out. Clean it up and get lower rates on cards and other loans."
Annual credit reports are now free to residents living in the western states.
If you live in West Coast states that offer free credit reports and would like to order your free credit report, call (877) 322-8228 or go to https://www.annualcreditreport.com to order your reports.
