A lot of time, money and energy go into figuring out why people make the wrong choices when paying off debts.

For example, when faced with multiple debts with varying interest rates, people tackle the debt using one of two strategies: paying the smallest debt off first (known as the infamous "snowball strategy"), or paying off the debts with the higher interest rates first (the more logical approach, which, if followed, gets you out of debt faster).

I'm ashamed to say that, for quite a number of years, if not decades, I was a snowballer.

Even my toaster has to go. It's one of those fancy, stainless steel, four-slicer monstrosities. It won't fit on the limited counter space in my new kitchen.

I'm in the midst of downsizing, and it isn't pretty. I woke up one morning a couple of weeks ago and decided it was time to take the plunge and sell my house. What I was not prepared for was not only would I have to sell my house, but almost everything else I had accumulated over the past 20 years. Plus, I would have to buy a new home, which while less expensive, isn't a cheap process.

Boy, did that backfire.

I'm talking about Bank of America's new policy of charging its debit-card-using customers $5 a month for that privilege.

And I bet Citi, Wells Fargo and Chase are breathing a huge sigh of relief for just "testing" the debit-card-fee waters in a few states instead of doing what BofA did in one fell swoop.

The reaction from consumers is pretty hostile.

A recent survey by America's Research Group reveals that while 82 percent of U.S. shoppers may rein in their holiday spending a bit compared to last year, more consumers will be avoiding brick-and-mortar stores and placing their orders online.

A Mint.com survey about clothes shopping got my attention this morning -- particularly the statistics on how much people around the country spend every month on clothes and accessories.

On average, according to the survey, people spend between 15 percent and 23 percent of their discretionary spending on the stuff we wear. Not surprisingly, Manhattan ranked No. 1, with folks there doling out 21 percent or $362 a month on fashion. San Francisco is No. 2, and Dallas (which is no surprise to us Texans) came in at No. 3.

Could social welfare programs be to blame for Americans' tendency to save less and spend more?

Two new studies highlight the different attitudes between the Chinese and Americans toward borrowing and saving.

Would you offer up your Facebook friends for money?

American Express wants you to. The credit card issuer launched a "Link, Like, Love" social media campaign asking cardholders to allow AmEx to tap their circle of friends, interests and other "likes" in order to offer customized shopping discounts.

Like many personal finance writers and editors, I enjoy reading the latest studies on consumer spending to see if my behavior correlates with recent research.

According to a monthly survey compiled by Sentient Decision Science Inc., called the First Command Financial Behaviors Index, I'm right there with middle-class Americans who are simultaneously paying down old debt while taking on new loans.

Get turned down for a promotion? Feel like it's you against the world? If so, you're more likely to soothe your soul with a credit card purchase than a cash purchase, according to research published in March 2011 in the "Social Psychological and Personality Science" journal.

According to the study's authors, Nathan C. Pettit (Cornell University) and Niro Sivanathan (London Business School), the more you feel threatened, the more likely you are to avoid further pain by paying for a desired item with easy credit instead of precious cash.

James O'Keefe - the man behind the recent video that caused NPR executives to lose their jobs - sent an email to supporters asking for help to pay off $50,000 in credit card debt.

Today and tomorrow, and for the first time in history, Girl Scout cookie buyers in Point Loma, Calif., and in northeast Ohio will be able to use their credit cards to get those treasured Thin Mints or savory Samoas.

My boss forwarded me a study called "Women, Debt and the Recession," and asked if I'd like to blog about the topic. Maybe he thinks I know a thing or two about being a female in debt and weathering the recession. Seeing as I just wrote about my new frugality (or lack thereof), perhaps I would have some insight about the rather startling statistics revealed in this recent CareOne Debt Relief Services' survey.

Journalists and researchers question whether the new frugality mentality is permanent or just a fad. From my viewpoint, I think it's a little of both.

I just read Fortune magazine's article on famed financial forecaster Meredith Whitney's predictions on the future of credit, of which she says there will be little to go 'round.

To sum it up quickly, she says the new Credit CARD Act's restrictions on card issuers -- especially in regard to restrictions on instant interest rate increases -- will, in effect, prevent banks from lending "en masse" like they had before.

Her conclusion: small businesses, the unbanked population and consumers who rely on credit cards to make ends meet will turn to predatory lenders and end up paying dearly in fees and interest rates.

But weren't we already paying dearly for our debt?

"Would you like a credit card with that?"

Credit cards have been served up like French fries at fast-food restaurants.

That's about to change. According to a recent article in the Wall Street Journal (subscription required) about Chase dropping the Starbucks Duetto Visa card, credit card issuers are "pulling the plug on some of the specialized, reward-loaded plastic they pitched to consumers when credit was easy and wallets were wide open."

Just as eating too many fries clogs your arteries, too many credit cards have caused financial arrest. The explosion of niche-branded cards -- whose rewards are tied to a specific brand or product -- has imploded consumers' bank accounts.

When you give a kid a credit card, expect trouble. That's proving to be the universal truth as credit card use explodes across the globe.

Case in point: A recent Burson-Marsteller survey revealed that in Saudi Arabia, 52 percent of its 18 to 24 year olds are struggling with credit card debt. The survey included both Arab nationals and Arab expatriates. Given the growth of credit cards in Saudi Arabia, it's no surprise that young adults participated in their popularity. According to ArabianBusiness.com, the number of credit cards issued in that country rose 104 percent between 2003 and 2008 to 12.3 million.