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If you are getting a divorce, pay special attention to your credit cards. You may be liable for any credit card debt, particularly if your credit cards are joint accounts. If you divorce and still have joint credit cards, you are asking for trouble, according to the Credit Info Center website.

Bad credit can raise your insurance premiums, cost you jobs and even prevent you from owning or renting a nice home. Credit checks are now run for many types of transactions, and people with bad credit have fewer attractive financing and employment options than people with good credit. Your credit score is more important than ever.

According to the University of Illinois’ Consumer and Family Economics educator Pat Hildebrand, paying the minimum payment for $2,500 of credit card debt with 21 percent interest will cost you nearly $15,000 and take 63 years to pay off. However, with so many debt consolidation loans and debt repair services out there, it can be a real challenge to figure out what the best way to get out of debt may be. This snowball method offers fast results and works on the same principles the debt repair services use, minus the big start-up fees.