Credit cards is one of the biggest financial concepts in history. It’s a simple piece of plastic that provides almost unlimited financial power to the card holder. When used correctly, credit cards can provide ease of shopping and consumer security.

But credit cards have also caused trouble for millions of consumers around the world. Unfortunately, the common cause of financial trouble is due to mistakes of consumers. These mistakes could have been prevented if the consumers have been a bit careful.

Don’t go through the same financial mess millions have experienced. Here are some common "ideas" that only worsen their financial situation.

1. "Additional credit card means more purchasing power" – the maximum number of credit cards anyone should have is two. Three credit cards are too difficult to maintain because most credit cards today have monthly fees based on how much you have spent. Some credit cards even charge their clients if they don’t spend enough monthly.

2. "The credit card company offers 3% rate" – this is the common idea of many consumers simply because this is what the credit card company tells them. But the reality is so much different. The 3% (or less) interest rate is only an introductory rate. After six or 12 months, you’ll be using the credit card with more than 15% interest rate.

3. "All credit cards have the same rate" – this is actually true but only for a few months. Many credit card companies have the same introductory rate with almost no penalties if you pay on time. But credit card companies will show their true rates after six to 12 months which could easily debilitate your finances.

4. "The terms and conditions of the credit card company is too long to read" – this is true since credit card companies wants their consumers to provide as many information as they can. Even though it’s long and too confusing, take time to read so that you’ll know the extra charges you might incur.

5. "I’ll discard my old credit card for a new one" – There are companies who offer a very attractive terms for their credit cards. But if the offer doesn’t provide significant reduction on your interest rate, the old credit card is still better.

6. "My credit card is a good source of cash" – one of the advantages of a credit card is the ability to get cash anytime. This is true but it comes at a great price, literally. Cash advance have more than 25% of interest rate even for those who are in good credit standing.

7. "Missing the payment a day or two is ok" – credit card companies are very keen in collection. They will never hesitate to charge you with late fees even if you send the payment in one day later. Always follow their deadline to avoid exponentially increasing your debt.

8. "I can pay back my credit card debt slowly" – many opt to use credit cards because they can pay their debt slowly through minimum payments. Of course, you will eventually pay off your debt but the interest rate added per month can exponentially increase your payment.

9. "This card looks cool" – looks in credit cards are deceiving. They can use any well known endorsers, provide perks and other advantages but you still have to examine their interest rate and additional fees before making the decision.

10. "I’ll just pay them next month" – missing your credit card payment is one of the biggest financial mistakes you’ll do. Expect that your debt will significantly increase next month especially if you have more than one credit card.