Happy 2015 everyone! The holidays are wrapping up and that means that it is time to get back to reality, which, for most of us, means looking over those holiday bills that we’ve been attempting to avoid for the past month. If holiday spending has you in a crunch, check out these credit card debt solutions to help get those finances back on track.
- Stop using those cards! Right now. Take them out of your wallet, lock them away, and forget that you even have them. If most of your holiday spending was done on a credit card – whether as a way to gather points or just because it was more convenient than using your debit card – it is time to stop that trend.
- If you can, pay off the balances in their entirety as soon as possible. If you are able to do so, avoid snowballing interest charges by paying off the totals at the bottom of that bill.
- If you can’t pay off the balance in full, pay off as much as possible – try not to pay just the minimum payment required. This is mostly interest and won’t do anything as far as bringing that debt down.
- More than one credit card? Try starting with the one with the highest interest rate and paying as much as possible each month. Then move on to the next one. Make sure that you continue to pay at least the minimum payment for every other card though – there is no point in paying off the one with the highest interest but letting the others go to collections!
Finally ready to admit that the debt that has accumulated is not just a result of holiday spending, and thus may be a bit larger than you can comfortably or realistically get rid of with these tips? It might mean taking a different route to get to financial freedom. Debt consolidation, a consumer proposal or even bankruptcy may be the right option to help you get rid of that mountain of debt that has not only become stressful but has also begun to impact your personal or work relationships.
DebtCare Canada has the experience and knowledge with debt solutions to help you get out of debt – whether it is holiday debt or all-year round debt. For more about the various options available to you please call us today for a free assessment at 1-888-890-0888.
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