Ah, the calm after the storm of the holidays. Gifts have been given, parties attended, and your stomach filled to the brim with delicious treats and sweets. It’s all great and wonderful... that post-holiday bliss – until that credit card bill arrives, piled high as a result of all that holiday shopping.
Despite feeling the pressure of your holiday debt, know that you’re not the only one out there with this problem and there are ways to pay it off sooner rather than later.
How to Pay Off Holiday Debt
- Make a Plan – After the holidays, start preparing immediately for the bills you know will inevitably be coming in and make a plan for how you can tackle them. Before your credit card bill due date, start making small weekly payments to help you lower your statement balance and avoid missing a payment at all costs. Late payments can dock your credit score and you’ll be charged more interest.
- Put the Spending on Hold – Until you can pay off your bills, force yourself to cut off your credit card spending temporarily. Use cash in the interim and cut back on unnecessary spending. If that means eating at home a little bit more, skipping a night out at the movies, or not buying that new pair of shoes, then so be it.
- Pay Off As Much As Possible – If possible, work toward paying off as much of your balance as soon as possible. Don’t get comfortable with paying just the minimum payment and strive to get your balance down quickly. If you have multiple cards, tackle the biggest balance first before moving on to others. In the long run, this could prevent you from paying a higher amount of interest.
Don’t delay! Start paying off your holiday debt today and set goals for yourself along the way.