Amanda McCormick was in debt $30,000 on just a few credit cards. Similar to a very expensive loan, her debt could have been avoided if she followed one simple rule. If you can’t pay it off right now - buy it later.

So, make sure you choose credit cards with low interest rates and no annual fees. Also, if you do get into trouble, consumer credit counselors can help repair your damaged credit score - which measures the history of your credit transactions. A bad score can make it difficult and expensive to get loans, so make sure to check your score at least once a year.

"For the big things, put it on the credit card—but you’d better be able to pay it off that next month."

Michelle Singletary, The Washington Post

"Even if you pay just $10 more than the minimum monthly payment, you could significantly reduce the number of years you're paying and the amount of interest you're paying back."

Beth Kobliner, Financial Author

"Your credit score literally sets the interest rate on any money that you borrow."

"One of the best things that you can do is to check that credit report every year for the rest of your life."

Peter Bielagus, Financial Expert

• 66% of college students have at least one credit card.
• College graduates have an average credit card debt of $2,600.
• Average annual tuition at a private college is $25,000.
• 63% of college students receive financial aid.