According to an article in CNN.com/Living, Americans put $2.2 trillion in debt on their credit cards last year. In fact, the percentage of those who pay late was the highest in three years. While some companies will lower your interest rates if you ask, experts say we should use no more than 10 percent of our available credit in today's credit environment. Details here.

In other news, watch out for your neigbors! According to according to the Sarasota Highlands Today, a Sebring woman was arrested Wednesday and charged with 41 fraud and larceny counts for allegedly stealing her neighbors' mail and using their credit cards and checks. Gory credit card details here.

In still more news, the American Chronicle reports on options for consumers with bad credit. Bad credit applicants know that getting a credit card is not an easy task when your credit report shows delinquencies and write offs. The Chronicle recommends that when seeking a new credit card, bad credit applicants should seek alternatives. See Cardpick's section on credit cards for people with bad credit.

Also recommended for monitoring your credit please try our affiliate, FreeCreditReport.com.

Credit Score Refresher

According the Federal Trade Commission, a credit score is defined as a numerical value used by lenders, landlords and employers to assess the credit risk of an individual. It is used to predict how credit-worthy a person is, and how quickly they can pay off a loan. The better your credit score, the more likely you will pay off a loan faster and be a lower financial risk to a lender. Credit scores are also called FICO scores after the company that invented them, Fair Isaac Corporation. FICO scores use five different categories to calculate your credit score. Your score is a number between 300 and 850. The higher the numbers, the better your score. Thirty-five percent of your credit score is your credit card payment history. 30 percent is the actual amount of money you owe. Ten percent includes the number of credit inquiries, the number of new credit accounts and the diversity of the types of loans you have. 15 percent factors in the time period of your credit history. A high credit score may qualify you for lower interest rates and save you money over time. Find out your credit score for free, from our recommended provider, FreeCreditReport.com. See credit cards you can apply for that fall into your credit score range.