Tips To Shed Your Holiday Debt
Now that the guests are gone and the craziness of the holidays is over. You probably are happy it is calm, quiet, and returning to your everyday routine. However, you probably just received your credit card bill and you may have had a heart attack.
Holiday debt affects just about everyone even the frugal people. You may be shocked and a little scared when you see your post-holiday credit card bill, but do not let that bother you too much. With just a few small steps, you can get out of your holiday debt fairly quickly.
Don't ignore the bills
This is the worst possible thing you can do is ignore you bills just because you are ignoring them does not make them go away. The truth is the more you ignore your bills the more you will have to pay, so start paying on them now.
Don't add more debt
Instead of using your credit cards some more do not use them until you can pay them off. Charging more will only add to your already expensive debt and will take you longer to pay it off. Just think of it this way the less you spend the more you can put towards the money you owe.
Combine your balances
Making small monthly payments on a variety of different cards will not get you anywhere. It will take you a lot longer to see any progress than making a big payment on one card. It is best to start out with the card that has the highest interest rate and make a decent payment on that and go down the line. You will not only be saving some money, but you will start seeing progress instantly.
Give it all you've got
Always pay more than the minimum balance. Just because it gives you the minimum to pay always pay more, so the interest is not too high. Plus, the more you pay the faster you will get your mountain of credit card debt out of the way.
Return unused purchases
If you have purchases that you still have not used or open; bring those things back right now! If you have not used them already, most likely you will not. Save the money and get your money back on your credit card back. This is another way to help relieve some of that horrid debt that you inquired when you were on a spending spree.
Track your progress
One of the biggest motivators is seeing your progress. It is encouraging when you see your debt being lowered and lowered. Create little goals for yourself and keep on trekking it will be done soon enough and after it is you can go out and celebrate!
Always remember do not give up. We all have been there once or twice in our life, but the worst possible thing to do is give up. Yes, it will take time, but in the end it will be well worth all the stress and sweat that you put into this.