Credit card debt has been described as a "financial killer" for many families, especially those who are struggling with the rising cost of gasoline and food.

According to Omaha World-Herald, someone who owes $2,500 on a credit card and makes payments of $50 a month at ten percent interest would have that debt for five years. About $747 would be in interest alone, taking the total debt up to $3,247.

A person with a poor credit rating who borrowed the same amount but at a 20 percent rate of interest would be stuck with the debt for 11 years.

The Bankruptcy Research Center's executive director Samuel Gerdano told the publication: "The overall trend of rising bankruptcies reflects the growing financial strain felt by US households, burdened by high debt, rising mortgage costs and falling home values."

Earlier this month, a poll in USA Today revealed that more than half its readers think their children will have more difficult lives than them because of debt problems.

But according to Best Syndication, a pay day loan is one way that borrowers can overcome their financial difficulties.

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