Credit cards are fantastic money spinners for banks and financial institutions.

It's small wonder with around 23 billion card payments made each year in the European Union as consumers use plastic to fund purchases that amount to 1.35 trillion.

A recent report from the European Commission has said European consumers are paying too much to use credit cards and the Commission is understood to be considering taking action against companies if they are found to have broken European rules.

But it would be a foolish consumer who would wait for the European Commission to rescue them from their credit card hell.

Rather than relying on others to come to your rescue, there is plenty you can do to manage your credit card debt.

Don't bury your head in the sand as your credit card debt could come back to haunt you in more ways than one. It will not just be the huge interest on your outstanding balance that will be a millstone around your neck. A poor credit rating as a result of failure to pay credit card debt could prevent you from getting other loans in the future such as a car loan, a mortgage or even a store card.

The shop around advice may sound like a tired cliche but it is amazing how many people just accept the credit card provided by their bank in the same way that homeowners take the house insurance offered by the mortgage provider without checking to see if there are better offers elsewhere. Shopping around for a credit card can save you in terms of fees and interest charged.

For example, as of the end of last year, AIB's Platinum card was offering a 6.9% interest rate for purchases, compared to 17.4% on its Classic card or Permanent TSB's Ice card at 9.9% and One Direct Gold at 10.9%.

If you do maintain a balance from month to moment, then get a card with a lower rate of interest. But watch out for introductory offers. Many credit card offers will tempt customers with low introductory interest rates, but usually these only last for three to six months.

Make sure you know when the offer ends and what the rate increases to when it ends.

Try to pay off your credit card in full each month because a credit card is a very expensive way of borrowing except for shortterm needs as the rates of interest charged are much higher than other types of borrowing. Paying off your card in full each month allows you to benefit from a period of credit.

If you can't pay off the full amount at the end of the month, don't fall into the minimum payment trap as this will only perpetuate your debt and can result in you paying two to three times more than the amount for which the item was purchased.

If your card has a balance of 2,500, an APR of 19.9% and you are making a monthly repayment of 50, it will take you over nine years to pay off the debt even if you never use the card again. And you'll have paid nearly 5,500 paying off the original balance. Pay your bill on time or a late payment charge will be added.

Don't play the credit card shuffle by using advances on one card to pay down the debt on another. You are better off taking out a short term personal loan or overdraft to pay off your credit card debt but make sure to avoid using your credit card or run up debt on your plastic until the loan is paid off.

Think about what you are using the credit card to buy.

If you are unable to afford the purchase now, the chances are you won't be able to afford it in a month when the credit card bill arrives in the post.

Be careful with using your card for cash advances as the rate of interest can sometimes be higher and can date from when the cash was withdrawn. Be wary of store cards as these often operate a revolving credit facility like credit cards. Apart from the fact that they are limited to one shop or a chain, they can often charge high rates of interest.

If your credit card debt is spiralling completely out of control, don't be afraid to contact your card provider to try to negotiate your way out of card debt. They may be willing to make a deal on the interest charged to ensure that you have the ability to pay obligations in full in the long term.

Be aware of the Government stamp duty on credit cards which is 40 and due on April 1st every year. And that's no joke.