When you get your credit card bill, do you set it aside, afraid to open it for fear that the balance is going to scare you? If you do, you may be digging yourself deeper into debt. If you don't pay your credit card bill on time, you could be penalized as much as $29 in late fees. This is in addition to any interest you may incur. That's why it's so important to pay your credit card bill before it's due.

The amount of time you have to pay your bill will vary by credit card. It could be as long as 21 days or as short as seven days! This information should be printed on your credit card statement. If it isn't, then call the credit card company and ask them to give you the facts.

Other advantages to paying your bill before it's due include helping keep your credit history clean (which makes it easier for you to qualify for future loans) and avoiding giving the credit card company a reason to raise your interest rate (which they can do if you have a history of late payments).