Luckily, we all have the opportunity to learn from our mistakes and move on, away from your in-laws, smarter and more prepared for the next time. In fact, bankruptcy is an option in this country for that very reason. Unfortunately, it is not as easy to qualify for a clean slate bankruptcy (Chapter 7, where most of your debts are completely forgiven) as it once was since the bankruptcy law changed. On the fortunate side, you will not have bad credit for life, no matter what. Bankruptcies stay on your credit report for 10 years, but most negative items are removed after seven.

Credit card debt is an epidemic in the Western world, most notably in the United States. The combination of large outstanding balances, penalty pricing and late fees often conspires to keep consumers in a vicious cycle. It doesn't help that 74 percent of Americans put holiday gifts on their credit cards, according to a 2006 survey by the Family Credit Counseling Service.

The Federal Reserve Board, as part of its wide-ranging review of credit card disclosure rules, has proposed two different approaches to the so-called "effective annual percentage rate (APR)" -- the amount of interest credit card users actually pay after factoring in finance charges such as cash advance fees and balance transfer fees. This "effective APR" is much higher than rates typically advertised for credit cards. Creditors say consumers don't understand the effective APR, that it's hard for creditors to explain, and that it's "inherently inaccurate."

Though most of the proposed Regulation Z changes deal with improving consumer understanding through well-designed information tables, one of the most important changes involves time. The Fed thinks creditors should give 45 days' prior notice of any changes in the interest rate or other account terms. Currently, credit card issuers can change the interest rates, due dates and other terms with only 15 days' notice.

Utility companies across the country are making it easier to pay your monthly electric, heating oil and natural gas bills with credit cards and debit cards -- payment options that were rare just a few years ago in the utility industry.

Hey, it's me. Your go-to credit card. Sure, we do a lot of shopping together but it's always just swipe, swipe, swipe. We never spend any quality time together. Come grab a latte while I tell you about my life. I'll buy.

Subprime credit cards are issued to customers with bad credit or no credit history. They are sometimes referred to as "fee harvester cards" in the credit card industry. These cards typically carry low credit limits of $250 to $500 and are designed to help cardholders launch or re-establish payment histories.

The next time you're at a restaurant, instead of handing over your credit card to pay the tab, a waiter could bring a handheld pay-at-the-table device. Swipe your own credit card, add a tip and total out the bill right at the table, so your card never leaves your sight.

Credit card debt has a way of spiraling out of control. The worst thing you can do is ignore it and hope it goes away. When you make poor financial decisions, these details begin to appear on your credit report, which can prevent you from getting a home, insurance or even a job.

Despite many recent security breaches that have exposed millions of credit cardholders to potential fraud and identity theft, online shopping continues to prosper, especially during the holidays. Financial fraud experts are now warning consumers about where some of the greatest dangers lurk: small, commercial Web sites.