For some of us, those college credit cards were a godsend for about 3 days and a headache for about 3 years. You see...those wise credit card institutions know how easy it is to offer college kids big sums of money that they have yet to make, while postponing their payback period.

And as they say, payback is hell. Americans are known to take on more debt than any country in the world, so there's plenty of company down under.

Some strategies for using credit cards wisely:

Pay off your credit card every month. If you can't always do this, pay it down as much as you possibly can.

Call your credit card company directly and ask them for a lower interest rate. Most times, they will work with you, especially if you're a good customer who pays your bills on time. What have you got to lose? The answer is already no unless you ask.

And the better your credit, the lower your interest rates will continue to be.

There are other benefits to having a credit card. It can mean the difference between fixing your car while you're out of town versus having someone wire you the money or waiting until Monday when the bank opens. That kind of convenience is...well...priceless.