Editor's note: This is a transcript of the audio file.

If your wallet is full of plastic and your mail is full of bills, it might be time to organize your credit cards.

I'm Kristin Arnold with your Bankrate.com Personal Finance Minute.

If you’re carrying quite a bit of debt, consolidating to a lower-rate card can save you in interest charges.

Most people only need two or three multipurpose credit cards. To determine which cards to keep, examine how often you use each card and which require a yearly fee. Choose the cards you will keep and make sure they have high enough limits to cover your monthly charges.

After deciding which cards you are going to keep, begin by paying off the low-balance cards and closing the accounts.

Continue to make the minimum payment on the old card until the balance transfer takes effect. This can take up to a month. To avoid mix-ups, wait until your old credit card company sends you a bill with a zero balance.

Remember that cancelling some of your older cards can hurt your credit history, so choose wisely.

For more information on how to organize your credit card debt, visit Bankrate.com. I'm Kristin Arnold.