Many people make the mistake of only making minimum payments on their credit card debt. The problem is that you will never end up paying off your debt because you'll simply be paying back the interest only part while leaving the principal untouched. The key to getting out of debt is paying down as much of the principal as possible so that you can stop making payments sooner. Unfortunately, many people now are doing just the opposite and getting themselves into more trouble.

From LATimes:
Easy credit is great. Except when it's too easy. Millions of people are now in danger of losing their homes as a result of the meltdown in the sub-prime mortgage market. But millions more face the prospect of financial ruin because of an even more ubiquitous problem: the danger of making only minimum payments on monthly credit card bills. "You're not even denting your debt at all," said Schimeck, a Detroit resident. "All you're doing is keeping your credit card company happy so you can keep your account."