Debt across America is at an all-time high, especially credit card debt as more and more people find it difficult to make ends meet. Credit card debt is a serious issue that causes strain for consumers when creditors begin calling them and in some instances illegally harassing them.

Credit cards carry with them high fees and interest rates that have forced many consumers in Florida and across the nation to being using debt cards, a type of card that allows for better money management. Now, it appears as though those conscious users will be charged for their efforts.

Bank of America Corp. recently released a plan to charge debt card users for the service, something that has always been free in the past. According to Bank of America, users will be charge a $5 monthly fee for the ability to swipe the card and use cash already in their account.

Bank of America was one of banks that became the subject of wide criticism and lawsuits for more than questionable lending practices that experts say help played a major role in the mortgage crisis that occurred during the current decade.

While Bank of America is the one that has announced an official plan, other banks will allegedly be following suit. Why the sudden need to charge more? According to Bank of America, it is in response to recent federal regulations that will cause them to lose revenue. Check in for post number two in the series where we will cover the new regulations.

Source: The Wall Street Journal, "Banks Plan New Fees for Using Debit Cards," Andrew R. Johnson, Sept. 30, 2011