That throbbing in your head? That's a hangover from the borrowing binge we've enjoyed for most of this young century. And make no mistake, we did enjoy the party.

The beauty of the whole shindig was that we could justify it financially, since the costs of borrowing were relatively low. We were like mini private-equity firms, using cheap debt as leverage to scoop up our share of the American Dream. In retrospect, it's clear that what started as a celebration morphed into quite a bender. According to the Commerce Department, Americans collectively spent more than we earned after taxes for the past two years in a row -- the first time that's happened since the Great Depression.

When it comes to building wealth, saving and smart investing get the most ink. But understanding how to manage your debt can be even more important to your financial future. The explanation comes down to Home Economics 101: Paying interest works against you in the same way that earning it works for you when you invest.

That's why we've laid out four strategies that can help you make your debt cheaper, and let you get rid of it faster.

Change Monthly Mind-Set: Let's be blunt: "Affordable monthly payment" is banker-speak for "we're making a killing on this loan." Most consumers are in the habit of arranging their debts to keep payments small, which means paying more interest in the long run.

Instead, think of debt management as more like conventional shopping -- the goal is to get the best product for the lowest total price. So once your cash flow allows it, start making bigger payments. First priority is to knock out all credit cards, starting with those with the highest rates.

And for long-term savings on your mortgage, bump up each monthly payment by one-twelfth, the equivalent of one extra monthly payment each year.

It doesn't seem like much, but if you start early, you can shave seven years off the life of a 30-year mortgage -- and, on a $400,000 loan, trim about $100,000 from the total cost.

Fix It and Forget It: Millions of Americans have been watching uneasily as payments on their adjustable-rate mortgages have skyrocketed. Fortunately, interest rates remain relatively low -- giving those with good credit and income a chance to get into a saner fixed-rate loan. One caveat: Many lenders will make you cough up some dough to refinance, so make sure that fee will pay for itself in savings down the road. And while their issuers don't necessarily trumpet them, there are fixed-rate credit cards on the market. Their rates have typically been two to three points below variable-rate cards in recent years.

Shuffle the Cards: Credit-card issuers are still sending out billions of low and even zero-interest cards every year, letting savvy households cut costs by transferring balances from card to card. But you'll be even happier if you can keep your card interest below 10% to begin with. To qualify for a rate that low, you typically need a credit score of 700 or more, only a shade lower than the national average. Call your issuer's customer-service line and say that you believe you are entitled to a better rate -- being able to quote your credit score will help your case.

All Under One Roof: Borrowing money at low interest to pay off high-interest debts is one of the no-brainer rules of money management. The most available source of cheap credit these days is home equity and, in most cases, the best way to tap it is with a straightforward home-equity loan. Loans are currently carrying lower rates than home-equity lines of credit, and they also offer some built-in discipline: with a loan, you're borrowing a specific amount, while a line of credit gives you a checkbook attached to a pool of credit that may be overly tempting the next time you get inspired watching "This Old House."