As a result of the economic crisis, many people are finding themselves in a credit crunch: credit card interest rates have increased, spending limits have decreased and some accounts have been closed altogether. Here are a few principals of “Credit Card Management 101” to keep in mind when reviewing new cards.

Tip No. 1: Check your credit limit.
Many creditors have recently lowered credit limits. Verify your spending limit before you use your credit card. Going over the credit limit will not only result in a fee, but your credit score and annual percentage rate can get zapped too. If you charge purchases to a credit card, be sure you can pay the bill in full when your monthly statement arrives.

Tip No. 2: Call your credit card issuer and negotiate for lower rates.
If you regularly pay on time, credit card companies may be willing to negotiate your interest rate. It’s worth a try.

Tip No. 3: Read the fine print on future offers.
You’re probably receiving fewer credit card offers in the mail, but be sure to read the fine print on any you do receive and decide to activate. Many credit cards will offer a low introductory rate that may skyrocket within a certain time period or if the cardholder makes a late payment. Know exactly what the credit card’s terms and conditions are before you accept it.

Tip No. 4: Consider using year-end bonuses and holiday gift money to pay down credit card balances.
Give yourself a gift that’ll give your personal finances a boost by paying down credit card debt with any extra money that comes your way.

Tip No. 5: Stick to your holiday shopping list and pay for gifts with cash.
According to a Dun & Bradstreet survey, consumers spend 12-18 percent more when they use credit cards instead of cash. This holiday shopping season, make sure you stick to your gift list and use cash or your debit card to avoid impulse buys.