We've all been there- you're out shopping and you see the perfect pair of shoes or the newest laptop available - and you just have to have it. Unfortunately, your checking account doesn't have the money to buy it right now, but your credit card does. For many of us, the temptation is just too strong and we end up charging an item we can't afford and could have lived without.

Purchases like these begin to add up and before you know it, you're drowning in a sea of debt with no lifeguard in sight. Credit cards can be great, but they can also be destructive to your financial future. If you're late with payments and deep in debt, you're going to look like a huge risk to potential lenders. You'll find that you're being turned down for the items you want most in life, like a new car, home, apartment, dream vacation or even a loan for college tuition.

To use your credit card correctly, you need to charge only items you can afford to pay back in full- or at least by half- each month. It's not okay to continuously max out your credit card and then pay only the minimum each month. By doing this you're going to lower your credit score and scare off lenders. To them, you look irresponsible and come across as financially unstable.

To fix this problem, figure out how much extra you have to spend each month and charge a few items that fit within the specified amount. Doing this will ensure you have the money to pay for your items when the bill comes.

It's unnecessary to have more than three credit cards at one time, so don't go on an applying spree to see how many you can get. If you want lenders to take you seriously, owning a slew of credit cards isn't going to do the trick- but owning a couple that you pay off regularly will.

Until you have the means, keep your purchases to a minimum and your credit cards will start to work in your favor. You'll notice that your credit score is going up and lenders will start to extend credit to you at fair interest rates. There are many benefits of owning a credit card, but if you're not careful, the risks can far outweigh the advantages. But if you're realistic about your financial situation and set boundaries for yourself, you'll end up with a great credit score and a stable financial history.