Because credit cards make it easy to purchase things now and pay later, it's easy to lose track of how much you've spent. Make sure you pay all of your bills on time and only get the credit cards you need — don't get a card just because the issuer is giving away a cool gift.

To establish and maintain good credit, it is important to remember to pay at least the minimum amount due on each account every month and to pay on time.

Allow five to seven business days for payments made by mail.

Use your credit card wisely and you'll have a very beneficial financial tool. Use your card unwisely, and you'll run up credit card debt you can't afford. Nothing is easier than charging small things here and there, only to find yourself with a large bill you can't pay.

There are easy ways to keep your spending on track. Perhaps the easiest is to record your credit card purchases in a notebook. There is also a wide variety of financial software, such as Quicken®, available that will help you manage your finances. Lastly, take advantage of services your financial institution offers. Through online banking, for instance, you can see your account activity on a daily basis and even arrange to make electronic payments.