I can say that. I got a credit card in my early twenties with an original credit line of $3k. I had such a good record with them that they gradually increased the line to $5k or so, and then my husband got in trouble with the Army and we broke up suddenly. We’re talking about the kind of trouble that gets you knocked down to E-1 from E-4/corporal. There was no way I could keep up the payments.

So, been there, done that. And did the credit card companies hold a gun to my head and make me run up my balance? Nope. That was me. (My husband, too, but I didn’t have to hand over my card to him. I could have said, “Hey dude, get your own.”)

I have also been interested to learn that credit card transactions are protected by federal law where debit cards are not. So, in a bid to Band-Aid their spending problems, lots and lots of people are putting their finances at risk with debit cards in the false belief that they will get into less trouble. But I’ve seen someone get slapped with an overdraft fee because of a $75 hold charged on his debit card by his bank because he bought gas, and I’ve had $15 pulled out of my savings account into my checking for the same reason, and I don’t like the idea that I could be liable for up to $500 in purchases (that I almost never have in my account to begin with)–or worse, if I don’t discover the theft of my debit card number within 24 hours. Whaaaaat?

I guess this issue requires a combination of taking real responsibility for your actions and some serious homework on the pros and cons of various financial tools, and I guess I am repeating myself here. Band-Aids don’t cut it when you’ve got a nick in the jugular.