Now that we have become a nation of debtors, fixing our financial mistakes has become much harder. Collectively, we carry $11.8 trillion in household debt, including mortgages, car loans and other borrowing. About 75 percent of U.S. families have some sort of debt, but what makes financial planners nervous is the size of debt and how quickly it is growing. Credit card debt alone leaped to $1.8 trillion in 2005 from $69 billion in 1980, according to industry data.

As our borrowing creates more opportunities for error, large financial institutions are prepared to pounce on our smallest mistakes. Late-payment fees on credit cards now average $39, up from $13 a decade ago, according to a government survey released last week. And that's just for one missed monthly payment. A small string of errors can easily spiral out of control, as fees pile up and interest rates jump. For debtors in deeper trouble, a new law that took effect a year ago made filing for personal bankruptcy much harder and more expensive. (Click here for full article and tips to help you deal with personal debt)