I got my first credit card in college, and my debt immediately started to snowball. By the time I was 25, I had $30k in student loans and $20k in debt. And my job paid a measly $10/hour. I couldn't make my payments, and debt collectors started to come after me. I was a nervous wreck, and the debt hung over my head like a black cloud.

Thanks to a (financially smart) generous boyfriend (now husband), I got out of credit card debt. In some cases I had to "settle" the debt. The company accepted less than I owed just because they were happy to get something. My credit score was rock bottom.

Now we never carry a balance on our cards. But it was an expensive lesson.

Lesson Learned: Never charge more than you can afford to pay.