The woes of the current credit market continue to top headlines throughout the country. If you find yourself wondering how today's slow economy will affect your finances, you're not alone. In the near future, many will begin to feel the effects of the crunch as they filter through the system.

Let's look at one market that is changing due to the current economy: credit cards. Just how have credit cards been affected? For starters, companies are tightening up their standards and lines of credit. In some cases, this means sending out fewer applications, especially to those that earn less than $50,000 a year. It also has led companies to increase their interest rates and decrease the limits available to cardholders.

The good news is that this does not mean your credit card days are over. What it does mean, however, is that it is more important than ever before to manage your cards wisely. Following are some steps to take to make sure you're on track when it comes to the plastic in your wallet.

Pay off Debt

Several reports have shown that consumers are running up more credit card debt now than ever before. While it can be easy to reach for a credit card when you don't have cash on hand, be careful not to make this a habit. The balance can increase quickly, and then take years to pay off.

If you do have outstanding credit card debt, make it a priority to pay it off. Credit card debt can be some of the most expensive kind around. And as companies increase the interest rates on their cards, it is only going to get pricier.

Apply with Care

If you need another credit card, go ahead and look for one. Before applying, be sure to check all of the terms listed. Some companies may include additional fees and charges on the card. You'll also want to make sure you qualify for the card. If your credit rating does not match the one required on the application, you may not be approved.

Track Spending

Paying off bills with your card is not a bad thing. If you start using credit cards for everything, however, this should serve as a sign that something is wrong. Rather than running up credit card bills, look at your expenses. You'd probably be better off cutting back on some of the expenses in your life right now rather than racking up high debt.

Watch the Limit

If you're not sure what the limit on your credit card is, call the bank that issued your card and ask. You'll want to make sure that you stay well under the limit. This shows lenders that you know how to manage your accounts well. If a bank reduces your limit and you're not satisfied with the change, call the company and ask for an increase.

Think Long-Term

Credit crunches do not usually last for years and years. View the current economy as a dip in the market, and trust that it will recover eventually. Use this time to make sure that all of your finances are in good order. Then, when the market starts to turn around, you'll turn with it. Your credit score will grow as the economy does, and you'll enjoy better credit days.