Manage debt, protect savings

For more information on managing your largest investment, check out Gerri Willis' "Home Rich," now in bookstores.

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Issue #1: America's Money - Everyday on CNN

NEW YORK (CNNMoney.com) -- Gerri Willis answers questions managing credit card debt, making sure your savings are safe and rebuilding credit after a foreclosure.

1. My daughter has serious credit card debt and would like to consolidate. Is the National Foundation for Credit Counseling a good place to talk to?

First, consolidating isn't always the best idea. Taking out new debt to cover old debt is rarely a solution - not only will you have trouble finding a lender, but consolidating doesn't help you deal with your debt - it just moves it around.

But going to the National Foundation for Credit Counseling is a good idea.

Your daughter will be able to sit down with a counselor who can put her on a debt management plan, so that she will be able to be debt-free within three to five years. For more information, go to Nfcc.org.

2. I have $200,000 in an individual checking account and another $200,000 in a joint money market account with my husband. Both accounts were opened at the same bank. How much of it is FDIC-insured?

Your joint account with your husband is insured up to $200,000. But you need to move out some money from that individual checking account.

You're only insured up to $100,000.

Consider splitting that money into a separate account, or find another bank. And you want to do this ASAP.

3. My foreclosure happened in January 2008. I haven't had a credit card since I finished paying off the last of my college debts in 2000, although I have maintained a bank debit card. What can I do to help my credit score recover from this recent foreclosure?

Since your foreclosure is so recent, it's going to take some time for you to recover. But it is possible.

First, you want to make sure you pay all your bills on time - from your phone bill to your utilities. And you'll need to build up your credit - your debit card won't help you do that.

See if you can become an authorized user on someone's credit card or have someone co-sign a credit card for you.

After that, make sure you don't charge more than 30% of your credit card's limit and keep making those payments on time.