NEW YORK -- Doing without a credit card these days is about as likely as doing without your cell phone. Gotta' love 'em, gotta have 'em, but don't EVER, EVER, EVER pay late. This will cause you so much financial pain, you will feel as though you have been twisted into a pretzel by a Sumo wrestler.

Take it from me as one "pretzelized" victim: Always check the bill’s due date to make sure it hasn't changed and then pay well in advance. Remember, just one day late can result in not only a penalty, but could also cause your interest rate to go up. Even online payments can take a week to post, so pay early.

If you are hit with a penalty or fee, don't take it sitting or lying down. Stand up and pick up the phone. If you have been a consistently good customer, that voice on the other end of the line is usually open to forgiveness, generally explained as a one-time only courtesy. Be nice, be courteous, but be firm. You have a very good chance of having the blight removed from your account. Remember, you pay for the privilege of using credit, you should not feel robbed.