Get-Out-of-Debt Checklist

Transfer your balance to a low-rate card. But only under certain circumstances. A zero percent teaser offer can be a good option if you plan to pay off your balance completely and you don’t charge anything else on the card. However, make sure that the lender is not charging any balance transfer fees, and beware: Terms can be changed at any time.

Close unused cards. If you never use a credit card, close the account and cut up the card to discourage identity theft. Make sure to get rid of newer cards first; a lengthy credit history with a single lender helps to improve your credit score.

Contact a certified financial planner to discuss your situation and options. They are trained to provide advice for prudent money management.

If you’re in danger of foreclosure, research your alternatives. You may be tempted to cut your losses and move on, but visit the U.S. Department of Housing and Urban Development’s Web site (hud.gov) to research your other options.

Consolidate your student loans. Lock in a reduced interest rate to make your monthly payments more manageable and your budget more predictable.

Run a credit check on yourself. For a free credit report once a year, visit annualcreditreport.com.

Related: How to Check Your Credit

Limit yourself to three or four cards. Every new credit card application results in a credit-report inquiry, which causes your credit score to drop by as many as five points.