3. Trading in a car too early. New-car ads can be tempting, but before making the leap to a new car, evaluate the costs. If the old car is not yet paid off, odds are the dealer will just add the remaining loan payments to the cost of the new car. Repeat, and loans could piggyback until the payment is monster-truck sized. Instead, Ewing suggested, strive to keep vehicles for five to 10 years -- or at a minimum, until the previous loan is paid off. (I had to buy a new car when my 14-year-old Honda needed more repairs than it was worth)

4. Paying too much for appliances and furnishings: Renting to own could be defined as "paying way too much for something you will wear out," Ewing noted. With interest charges that can sometimes be extremely high, what looks like a small monthly payment might actually be a very expensive way to acquire a sofa or TV. Far better is to purchase quality used goods that can last a few years while you save up for a pricier item. Along the way, smart consumers might find they would rather use that cash for retirement savings or to pay a mortgage. (I'm OK on furniture for now. I've got the same furniture I bought fairly cheaply five years ago.)

5. Borrowing from payday lenders: Payday lenders typically loan a few hundred dollars at a time, with an average interest fee of about $15 on a $100 advance. Most loans must be repaid within two weeks. In many cases, payday lenders can roll over loans again and again, resulting in effective interest rates that are exorbitant Far better: Save up an emergency fund -- even $100 to $500 can make a difference. If you must use the savings, then repay the fund as soon as possible. (I just say no... to payday lenders.)

6. Not saving for retirement or raiding retirement funds: Social Security can be expected to cover only a portion of most people's retirement expenses. Therefore, saving for retirement should be thought of as a requirement, like paying taxes. Do not cash in a retirement fund except in a crisis. (I save in a 401K. But I know I should do more.)

7. Not paying taxes: "There's no hiding from the IRS," Ewing said. "They will track you down eventually if you have not paid taxes, and the penalties can be harsh, from penalties and interest to garnished wages and even jail time. Seek help and immediately rectify the situation." (Uncle Sam always gets his cut of my dime.)

8. Co-signing a loan. Loans require a co-signer when the borrower has no credit or has bad credit: Parents who have thought it through -- and laid out ground rules -- might co-sign a child's first lease. But take a big pause before co-signing on a loan for a relative and friend with shaky credit history. You might be stuck with the bill -- and a relative's trouble can turn into your own problems. (Are you kidding? My relatives should be lending ME money. How much do you think I get paid here?)

9. Investing on a tip. Never invest life savings in a stock your neighbor, colleague or buddy recommends: "People who think these investments might be their ticket to riches need to understand that they also could be a one-way ticket to financial ruin," Ewing cautioned. Diversification is a key component of any investing strategy. Never put too much of your money in any one investment, regardless of how much hype it is generating. (See my response to 8. Anyone want to lend me some money first?)

10. Do not skip the small stuff: Pay everything on time, including bills whose creditors might not start calling right away -- like child support, parking tickets and library fines. All of these bills can and do come back to haunt those who do not take them seriously. (I could not be more OCD about paying my bills on time.)

Anyone score 10 out of 10 on this as you head toward financial ruin? Or are you better off than you thought?