Thinking about paying your federal taxes with your credit card? Think again. While the Internal Revenue Service will accept credit card payments for taxes due, the IRS works with third-party collectors who charge a service fee per transaction.

Dear Creditnet: My wife and I have excellent credit scores, but we used to only have one no annual fee credit card with a limit of $10,000 (balance is paid off each month). I recently opened another credit card with better rewards and it has a $20,000 credit limit.

I've been told not to close out our first credit card account, but should I lower the credit limit on it to somewhere around $500 since we won't be using it? Or will our credit scores be negatively affected by lowering our available credit limit from $30,000 to $20,500?

Daylight Saving Time is upon us and spring is right around the corner.   As the yearly weather cycle starts anew, you’re most likely trying to find motivation for spring cleaning and, once again, getting your life in order.  We may not have any advice on how to better organize your house, but we do have a system to get your finances in order.

 UPDATE: This offer is no longer available. If you're a fan of flying Southwest, you're probably also a fan of their easy-to-understand frequent flyer program— Rapid Rewards. Fly 8 roundtrips anywhere, and get one roundtrip free. Couldn't have been much more simple than that! Unfortunately, as of March 1st, Southwest's frequent flier program just got a lot more complicated. The major change is that they will now issue points instead of credits, and your points will have different values depending upon what type of fare you choose for your award. I'm not a big-time Southwest flier, but I think it's safe to say that a lot of their customers won't be happy with this change. I've had several friends already talk about getting rid of their Southwest Rapid Rewards credit cards since they are moving to a new points-based system too. What I've been telling them is that if you're looking for a new airline rewards credit card, you should really check out this huge promotion that Capital One is starting today for its Capital One Venture Rewards card.

So you've finally decided to join the real world and open up your first credit card. Congratulations! No, seriously, you're making an excellent decision.  While you may be disappointed that the simplicity of life without any bills is over, you'll be patting yourself on the back in a few years when you realize the good credit score you've built up has given you greater financial flexibility to make major life purchases. That is, if you use your credit wisely.  Credit cards can be a responsible user's best friend, but a living nightmare for those who are careless with their spending habits. So how can you make sure your credit card is a positive force in your life?  Here are seven great tips on getting your first credit card and starting your credit off right.