Credit cards can be a convenient way to manage some of your financial affairs, but too much of a good thing can encourage bad spending habits. Credit cards can be a useful tool or Public Enemy Number One. Use them with caution.

Credit card companies frequently offer special low rates through the mail if you sign up for their cards. These lower rates may be available only for a period of time, such as six months, but if you can consolidate balances from cards with higher rates into this card with a special rate and pay off the debt during that special rate period, it would be a strategy worth considering.

Extensive debt is the leading cause of financial failure. See Credit Card Minimum Pay Calculator.

• Cancel all but one of your credit cards.

• Double up on payments for cards with highter interest when you can and when that balance is paid off, put all of that payment on another card.

• Focus on paying off the card balance with the highest interest rate first.

• Pay more than the minimum payment.

• Take advantage of the teaser rates you get in the mail and transfer debt on the cards with high interest rates to cards with lower interest rates.

• Transfer your debt to a home equity loan. You will probably be borrowing at a lower interest rate and it may even be tax deductible.

•  Use savings to pay off cards. Why earn 3% on savings while paying 16% on debt? If you pay off that 16% card instead you just made a risk-free 16% return! But don't use your emergency fund.

If the above strategies still are not enough, you may want to consider additional income that may be generated from full or part-time work or by a family member not presently employed.