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Q: Our credit cards and line of credit are maxed out. Help!

Diana says...
A good start would be having a candid discussion with a bank financial advisor, who may be able to help you consolidate your debts with a much lower interest-rate loan. Instead of paying multiple nosebleed credit-card payments each month, you will have only one payment coming out of your bank account. If you are able to arrange a monthly loan payment, don’t be tempted to use your credit cards again or to max out your line of credit; you’ll just trigger the debt habit all over again. If you do continue to use credit cards, keep in mind that financial institutions offer no-frills credit cards that charge up to half the interest rates of their go-for-the-gold cards. Switching to these value cards can save you bundles.

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