Former Debtors Share Their Biggest Credit Card Mistakes

Eileen Wolter says she's come a long way from her free-spending 20s. Back then, says Wolter (right), a stay-at-home mom and blogger in New Jersey, "I basically lived my entire life off credit cards." Worse yet, she adds, "I just used the checks [the card companies sent me] as if they were from my checking account, never looking at the fine print about APRs."

Amber Stubbs, managing editor at CardRatings.com, says cash advances are tops on her list of credit card no-nos. "Not only do you pay a fee, but you also start accruing interest from the moment you get the advance. There's no grace period," she warns. In addition, the interest rate you'll pay on a cash advance could be as high as 24%.