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As many Americans focus on paying off their credit card debt, the stagnant economy has not helped bring relieve to millions of hard-working people. In fact, credit card debt has that same number of people worried about how long it will take them to pay off their $35K balance or if they are going to be able to pay in full. The U.S. consumer credit is down for the first time in sometime because they are trying to reduce their credit card debt. Clearly, the banks are not going to step in and give consumers a hand or even reduce their monthly payments out the kindness of their heart. So what is left for them?

Unfortunately, bankruptcy is the only solution for some individuals! But for Americans who owe more than they can afford to pay, there are credit consolidators and debt management professionals that can help them negotiate a lower monthly payment and / or consolidate their credit card bills. If you are an individual whose minimum monthly payments have continued to increase on a monthly basis, seek help and don't file bankruptcy since it will have a much more negative impact on your credit history and it can take up to seven years to fully recover from it.

In July, the credit dropped by $3.28 billion, according to the Federal Reserve. That is a much big difference compared to the $9.1 billion predicted in a Reuters poll by Wall Street economists. The credit slowdown could cause the Feds to lock in the use cash to feed the economy with much-needed cash flow, as early as this week, according to Reuters.

As our economy continues to tank even further, we need to responsibly keep an eye on our credit card debt, failing to do so can lead to bankruptcy or put us in a hole that's so deep there will be no way of getting out of it. Things in the credit industry will continue to get scarier, if lenders start hesitating before approving loans. If lenders begin to drag their feet in approving loans, it will lead to a reduction in consumer spending.

"It may be the case that consumers and lenders were becoming more tentative over the summer," analysts at Credit Suisse said in a report.

Since the middle of 2010 there's been a increase in spending with only minor hiccups from time to time. However, if there is a lesson to be learned, is that we should not be using our credit cards as a supplementary or second income. Every cent you charge to your credit cards there is a percentage that needs to paid for borrowing that money. So think about how much it's going to cost you to borrow $2,000 and how long it will take to pay it back in full.

Just a few reminders: use your credit cards responsibly, spend responsibly and best advice I received a long time ago, if you can't afford it don't buy or spend it.