That little rectangle of plastic burning a hole in your wallet is one of life's trickier essentials.

You can't make it much past your mid-twenties without some kind of credit line attached to your name. On the other hand, though, credit cards can get you into a lot of trouble – and by trouble, I mean debt.

I'm sad to say I was immediately rejected when I applied for a student loan through FAFSA a few months ago. The reason: I had a credit card bill that was beyond 180 days late. And just what was my unpaid balance? A skimpy $9...ugh! Unfortunately, I had completely forgotten about a small purchase I made on eBay several months prior. I had racked up interest in the amount of $4 and some change, a bunch of negative marks on my credit reports, and then I was forced to deal with the whole hassle of getting denied for a graduate school loan I really needed. All of that pain for 9 bucks.

Leaps in technology generally don't obliterate older methods overnight. As you might imagine, there are often transitional developments which help to act as bridges from one generation of technology to another. We're currently seeing this take place in the auto industry as we work to move away from fossil fuels and into something more sustainable. Likewise, we're seeing a huge transition take place in the credit card industry. Soon, NFC chips will most likely replace our current standard wallets. But until that shift actually occurs, we’ll continue to see technologies like Square and Card.io become transitional players in the industry.

The holiday season is in full swing, and regardless of which holiday(s) you celebrate, gift giving is exciting, expected, and expensive. While it's certainly ok to share your hard-earned cash with loved ones through gift giving this holiday season, keep in mind the three most common credit mishaps as you fit in your last-minute shopping. After all, 'tis the season to be jolly! 'Tis not the season to be tricked, scammed, or sold into destroying your holiday and your credit for years to come.

We're all aware of the importance of having great credit scores, but sometimes figuring out how to get that stellar credit score is like cracking the code to the secret sauce at your favorite burger joint. The result is that over the years, dozens of credit scoring myths and misunderstandings have popped up as people have attempted to get their financial lives in order. Here are my top five in descending order.