The federal government requires that each of the three national credit-reporting agencies—Experian, Equifax, and TransUnion—gives you a free credit report every year.

It can happen fast. You're running short on cash and you decide to use your credit card, and when the bill comes due you're still short on cash, so you pay the minimum payment and you continue to use your card to offset your cash shortages.

Credit card debt can often blindside you, but it's not always the interest rates that cause problems.