When Mykail James was 19 and working a holiday job at Victoria's Secret, she took out a store credit card with a $2,000 credit line. When her school break was over, she realized she could no longer afford the payments.

It's important to pay a store card in full each month. It's also good practice to spend only what you can afford to pay off in one billing cycle.

People close credit cards for many reasons, including excessive spending, avoiding high-interest rates, or protection from identity theft. Closing credit card accounts can have an adverse effect on your credit score, mostly because it decreases your credit utilization.

With holiday shopping season around the corner, experts recommend caution when your favorite store offers you a credit card.

If you have a credit card from a big bank, then chances are good you're paying more interest than you need to. Find out more here.