As consumers adjust to the current financial crisis, many major credit-card issuers are increasingly employing subtle tactics in an effort to hide potential fees from credit-card holders. At the same time, credit analysts predict an estimated $55 billion dollars in bad credit - debt this year -- an issue they say is expected to be the next “American Crisis”.

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Consumers should be aware that the economic downturn is not going to be a temporary struggle. Continuing to rely on credit to make ends meet isn’t a solution to the rising cost of living that many consumers are being confronted with. Before signing up for a new credit card, be sure to understand all aspects of the credit card agreement, including what will be charged for late payments, what actions could cause your card’s interest rate to rise, and all the accompanying fine print.

The experts at Money Management International (MMI) explain some typical “tricks” to help you be aware of these pitfalls and avoid unnecessary fees.

Hide it in the fine print. According to a study conducted by the Government Accountability Office (GAO), creditors ploy customers by explaining fees in language that is hard to understand, burying important information in unrelated text, and utilizing other various strategies that reduce consumers’ ability to understand the agreement they are signing. It is very important to read and comprehend the fine print prior to accepting or applying for a credit card offer. If you don’t understand, ask an expert to explain it to you.

Lure them with teaser rates. Low introductory rates may seem tempting at first, especially if you are thinking of transferring a balance from a card with a higher interest rate. However, read the fine print before you proceed—the lower rate may apply just to new purchases. Also, the new rate may only be applicable for an introductory period, generally six months. Be sure to find out what the future rate will be after the introductory rate has expired or a payment has been missed.

Catch them with Universal Default Penalty. More and more credit card issuers are using the universal default provision, which states that if you are more than 30 days late on a payment to anyone, the interest rate on your credit card could rise. This means that if you miss a phone bill payment, your rate could jump to the highest limit allowed by law. According to a recent survey from the Institute of Consumer Financial Education, a staggering 39 percent of credit card issuers said they apply the rule to customers, even if they had no late payments on their own card.

With the holidays right around the corner, take special caution with any credit offers you receive. Knowing how much consumers traditionally overspend, credit card companies often send offers to “skip a payment” or promise free gifts. Make sure you know what you’re agreeing to. In many cases, the money you save initially could cost you much more in the long run.