5 Surefire Ways To Pay Off Holiday Debt After Spending Like Crazy!

pay_off_debtThe fireworks ceased, the party’s over and people have capped it off to a good night and a good New Year. Holiday’s over and it is back to reality with long work weeks and short weekends. Another part of reality would be the bills that you receive on your mail. Credit card bills can be the last envelope you open as you try to track your expenses over the holidays.

Paying off holiday debt is never an easy way to start your year. Holidays can be full of expenses and with all the vacation leave you took off from work; it can mean that your first paycheck of the year is meager. Here are some ways on how to pay your holiday debt without missing their due date.

Do Not Ignore Your Bills – it can be very tempting to stash your bills away and keep them out of sight. But this is not the best way to pay off your holiday debt. It is best to keep track on how much money you owe over the holidays and start paying them. Keeping your bills in sight can be your motivation to work hard and stay focused on paying your holiday debt. Plus it is never right to start the year with bad credit.

Do Not Add Any More Debt – adding debt to your existing holiday debt is like suicide. Your aim for the New Year is to pay off your debts that were accumulated over the holiday season and adding more debt can make it more difficult to achieve your goal. You can end up missing your payments that are due which can mean late fees and negative credit reporting. If you can, keep your credit cards  away ( like in a safe deposit box) and purchase items in cash to avoid adding debt.

Use Balance Transfer Cards – it will be a lot easier to combine your debts in just one card. This way, you will not have to divide your money into each of your cards. Most balance transfer cards offer lower interest rates and allow you to combine your debt. This can also give you more time to pay off your accumulated holiday debt.

Pay More Than The Minimum Balance– paying more than the minimum amount is recommended as it allows you to pay off your debt faster. The best strategy here is to pay more than the minimum on your debt with the highest interest rate while making minimum payments on the lower interest rate debts. This can help you pay off your other holiday debts easier since you will not have to deal with ballooning interest rates per month. Then continue paying the next debt with the highest rate and continue this until you can be free from your holiday debts.

Keep Track Of Everything! – keeping a track of your holiday debts and how much you have paid for each debt can make it easier for you to pay them all off. As what they say, success is a motivator for success. Would it be great to see one card marked off your tracker? Oh yes! Start paying your holiday debts now so you can have the freedom to live a little bit more comfortably this New Year!

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