Apparently, this is becoming harder advice to follow. According to a new report from the Federal Reserve, revolving credit, which includes credit cards, increased at an annual rate of about 7 percent in May. In April, by contrast, it had shown a slight percentage decline.

The increase is notable because May was the first month when rebate checks from the federal government really started to kick in. So even with some extra financial padding, many consumers still turned to their credit cards.