I had a charismatic prof in University when I took a religious studies elective course. He used to say,

"There's a western misconception about Karma coming around full circle. Traditionally Karma is part of a spiritually balanced equation. Karma is like Visa. Dharma is akin to your good deeds, Karma is akin to your bad deeds. You will face karma for the negatives, and dharma bliss for the positives. If we're keeping with the spiritual currency theme Dharma could pay off Karma. So do good and be good and avoid that Karma debt."

I don't remember much else from that course. Thanks for the great post helping clear up some of the muddy details! Double thanks for inspiring me to look back in my quotes book :)