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We’re still paying off our wedding loan, plus we owe an extra 10 grand on plastic and are raising our one-year-old daughter. How can we get out of this debt hole?

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Q: We’re still paying off our wedding loan, plus we owe an extra 10 grand on plastic and are raising our one-year-old daughter. How can we get out of this debt hole?

Diana says....
Try to get rid of the wedding loan and shrink the heavy plastic at the same time. If you’ve been burning up multiple credit cards, speak to your financial institution about consolidating all your debt into one lower-rate loan. To avoid future debt, use only one low-interest credit card—interest rates on cards vary from less than 12 percent to more than 28 percent. And keep in mind that banks don’t advertise their no-frills, lower-rate credit cards. So ask.

Diana Cawfield is an award-winning financial writer with more than 10 years experience. Send her your questions here.