6. Know how you stack up- BILLIONS AND BILLIONS of dollars are charged annually to consumer on mark ups in interest rates. That's a lot of money when you look at your share. Your credit information is something you should look at and make sure it is accurate. About 25% of all credit reports have erroneous information contained in them. Make sure your information is accurate and keep an eye on it regularly.

7. Know you limits- When you know you will have a hard time paying even minimum balance STOP charging. It may sound simple but for millions of Americans it is very hard to do. Of course easy way Hind sight 20/20 don't get in situation.

8. If you are one of those people that are disciplined enough to pay off your balance at end of month then make sure you are getting some bonus for being such a great user. Get free stuff that you can use. Some extra Flying miles, free gifts, Cash back reward (my favorite). If you are going to use it might as well get something for your efforts.

9. Only have what you need- You Should have 2 cards, one for what you use regularly and pay off every month and other for emergencies or business. When you start trying to take advantage of all deals out there only one who gets taken advantage of are you. Overkill on your credit cards are not necessary, but being really good at managing a couple of cards is.

10. The statistics are in and they are mind boggling. Bankruptcies are at record numbers and consumer debt for U.S. is over 1.7 Trillion dollars! Teach your kids now to not make mistakes that you did. Financial Literacy is a must for next generation as we are heading into a cashless society. It's harder to manage what you cannot see. Make sure they understand that credit card is what pays for food on table and gas in car as well as play station games they love.

A loan amortization calculator can help you break down amount you will be paying each month. Generating a loan amortization schedule is especially beneficial if you want to compare two loan options. You can see which loan will lead to paying more in interest payments and which loan will take longer to fully repay. If you are looking for a consolidation loan, you can compare it with your current loan to see if will be getting a better deal.

There are many sites online that offer free loan amortization calculators. You input amount of loan, interest rate, period of repayment and calculate monthly amounts of repayment. By trying different inputs you can figure out monthly payment amount that will be best for you and will lead to higher principle payments and less interest payments.