Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge.

Most credit cards charge high interest rates-as much as 18 percent or more-if you don't pay off your balance in full each month.

Credit is valuable. The importance of how much credit you have and how you use it goes far beyond shopping. Whether you have good or poor credit can affect where you live and even where you work, because your credit record may be considered by prospective employers.

Good credit is valuable. Having the ability to borrow funds allows us to buy things we would otherwise have to save for years to afford: homes, cars, a college education. Credit is an important financial tool, but it can also be dangerous, leading people into debt far beyond their ability to repay.

Most people finance their homes with mortgages and pay for their cars with loans. Young people often obtain loans to pay for college. And, of course, lots of people make purchases with credit cards.

Outstanding credit card balances can get the better of you if you don't keep them under control.

The financial and psychological burden of being in debt causes us and our families continuous emotional stress. That stress eats away at the quality of our lives and leaves us feeling powerless, angry, depressed and helpless.

Pay your bills on time. (If you can’t make a payment on time, contact your creditor and request a payment schedule. Most credit card companies will offer you an option to pay your balance.) Maintain low balances on the credit cards you use. (Determine how you will use your credit card, and what type of credit card works best for you.)

What is probably the largest benefit of student credit cards is that they help cultivate responsibility in young people and help them develop personal financial management skills as they prepare for adulthood. The stark reality is that while a credit card represents freedom and the chance to enjoy the benefits of having credit, the temptation to over-indulge one-self and over-spend is quite huge. You just need to look at the large numbers of adults who fall into serious credit card debt to appreciate this fact. So a student credit card becomes an important step in giving practical training in financial management and responsibility to young persons. It is the sort of training and experience that cannot be obtained in any other way. And yet it is critical to the financial success of any individual.

You are allowed a free credit report if a company denies you credit, insurance, or employment (if this is a part of your employment application) provided you request a report within 60 days of this denial. The notice will give you the name of the consumer reporting agency that provided this report. You can dispute information that this denial is based upon. Under FCRA, both the consumer reporting agency and the information provider are responsible for correcting inaccurate or any incomplete information in that report.