Credit Limits Are Dropping And It's Time To Manage Your Credit Card Debt.

Gerri Willis, CNN personal finance editor, reiterates much of the same advice Financial Elite has offered with the card card changes occurring with current economy.

New York (CNNMoney.com)Gerri reports as we are aware that Americans are cutting back on their use of credit cards by a record amount according to the Federal Reserve--and, maybe for a good reason. There are some big changes that are happening to that plastic in your wallet.

You may have noticed that your credit limit was slashed or your interest rate shot up, even for those cardholders with a decent credit score. And it's happening more frequently according to a recent study from Synergistics Research Corp. That study indicates that 21% of consumers had an interest rate hike: 17% reported an increase in minimum payment due, and 9% had an decrease in credit limit.

Here is some the advice that Gerri recommends when managing your debt:

Read your mail carefully- you may get updated terms/conditions.

Watch for certain words and phrases- As of X date, X is changing. Watch for or phrases: modifying, dates going forward, or altering.

Don't close close old accounts- Closing accounts can hurt your credit score.

Look into hardship programs offered by credit card companies- to qualify you generally need to be delinquent. but not always. You usually have to have sizeable debt. Be sure and to call your issuer and ask about these programs. Credit card companies don't always advertise them.

Remember folks, your credit cards are not an extension of your paycheck. It's not free cash. If you carry a balance that you keep adding to every month, you are digging yourself into debt.

Read Gerri Willis' full story