Diana says...
A few years ago, my husband and I added up the amount racked up on our eight credit cards and quickly figured out why those payments chewed up any extra cash. We took a hard look at our income and expenses and made several adjustments. To hold on to some cash, I recommend the following: 1) Meet with a loans officer at a bank and consolidate all of your debts into one monthly payment plan. The interest saved on double-digit credit charges will offset the bank fee by hundreds of dollars. 2) Keep only one low-interest-rate credit card for each of you. 3) Get into the habit of using cash or debit for any gas, clothing, gifts or impulse buys. Use your credit card for emergencies only, not for everyday spending!

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