Life can be expensive. Every bum has those months where just a bit (or a whole lot) more cash goes out than comes in. Lately, it might even have happened somewhat regularly. Oops. It may seem easy to get through those times by swiping the old plastic, but be very aware of how much action that magnetic strip is getting. Spending a hundred dollars on a credit card is an easy feat. Sometimes, charging things can be a saving grace or just not a big deal. Other times it can be a disaster. Of course, you want your plastic to be fantastic. Do you know what you're doing?

When it comes to credit, knowledge is power. Although it's really a lot of fine print, try to read through what you are signing up for. Is there an annual fee? Do you have to spend a pre-set amount within a certain time? There's a reason you are being offered a credit card, and chances are that it isn't out of the goodness of the bank's heart. Not everything has a catch, but it usually has a price. Before you get started, make sure you're able to pay.

Interest can be the devil-in-disguise. BankRate.com has a very cool (and free) payment calculator. If you haven't bought that big screen TV or splurged in a Vegas weekend yet, just plug in the numbers to see how long it would take you to pay it off. Kind of shocking, eh? If the chicken has already flown the coop, use the calculator to create a payment plan. No need to scrimp on eggs, but reconsider the Ferrari for a couple of months.

Rewards rock. At the point you decide to enter the wide world of credit, do some research on who is offering what. Fly a lot from LAX to OAK? (You know who you are.) Consider an airline miles card. Love to shop? Check out cash back programs. Depending on your current credit status, some programs may reject you outright. Bankaholic has a good guide to your options.

If you get into trouble, ask for help. Even the Federal Trade Commission wants to help you figure things out. There are lots of scams out there, so be very wary of any company promising to negotiate your debt for one low fee. Ditto payday loans. Those are legit but the terms are usually such that you are probably much off just paying your interest rate. Agencies like the Jewish Free Loan (not just for Jews) can be your best bet because they will loan you the money for free. Free means you still have to pay it back, but there's no interest. And that, my bummy friend, is a very good thing.

Finally, use your card wisely. That means don't spend more than you have because you will have to pay it back. Granted, there can be extenuating circumstances, but think it through. We have faith in you.