There is one piece of advice that I readily give anyone who'll listen and is in the place to use it: Avoid credit card debt if at all possible. It's too easy to get in over your head.

According to a story on CNN, a new study by financial research firm Javelin Strategy & Research says that middle-income and middle-aged consumers are cutting back on credit card use.  Forty percent of consumers surveyed said they're pulling out their credit cards less than they were at the beginning of the year.

Americans carry approximately $961.8 billion in revolving debt, according to the Federal Reserve Board. Delinquency rates on credit cards are at the highest levels since the end of 2002.

Even as consumers cut back on using credit cards, they're finding it harder to pay down their balances, says Javelin President James Van Dyke.

Don't I know it.

In summary: 

It (does not) pay to Discover.

American Express: Don't leave home without it

There are some things money can't buy. For everything else there's Mastercard

Visa: It's everywhere you want to be (if you want to carry the burden of a debt that might take you years to pay off)