I'm in the military, and my wife and I have $13,000 in the bank along with $35,000 in a Roth IRA ...
I had a credit card that I had paid off well over a year ago. I never cancelled it just laziness I guess. A couple days ago a got an email saying I had a past due amount on my credit card. I called up to find out that credit card had an annual membership fee. On top of that since it hadn't been paid I was charged late fees and interest fees. Laziness does cost you in the end.
When I went to college, I knew nothing about credit cards, credit reports, credit anything. One day, there was a booth set up in the Student Union where they were giving away all kinds of free stuff...you just had to fill out a few forms first. I had no clue what a mess I made when I signed up for 8 credit cards just to get a pair of stupid $5 sunglasses! Thank goodness I never used any of them, but I still hold a grudge against the University that allowed that kind of sleaze on campus. And yes, I closed all of the accounts!