Many of us spend too much money during the holidays. This can result in a lot of debt that you don’t know how to pay-off. Fortunately, there are many ways to get out of debt. Below are some tips for handling post-holiday credit card debt.
Pay More Than The Minimum Balance
If you only pay the minimum balance on your credit cards, then you will be paying a lot of interest. This will make it very difficult to pay off your credit cards in a timely manner. This is why you need to pay more than the minimum balance every month. By paying even just a few dollars more than the minimum, it can help you pay off your credit cards quicker.
Pay Off the Highest Interest Debt First
Depending on your debt, cards with the highest rates can often rack up debt faster than those with a lower interest rate. Be strategic about which ones you should pay off first to minimize the fees you are paying off in interest.
Look Into Balance Transfer Cards
Some credit cards offer promotions with 0% interest for a limited period of time. Take advantage of these offers by consolidating your debts into the balance transfer card and paying it off before the promotional period ends.
Sell Items That You Don’t Need
After receiving new gifts during the holidays, there are probably older items you can get rid of. There’s no reason you should let unwanted items sit around your house collecting dust. You can sell these items, and you can use the profit to pay off some of your credit card debt. There are various websites that you can sell these items on like Poshmark, eBay, or Craigslist.
Create a Budget & Make Lifestyle Adjustments
One of the best ways to pay off your debt is to cut back on your expenses by creating a thorough budget. If something isn’t budgeted for, then you don’t need it. You might need to make some lifestyle adjustments as well. For example, you may only have allotted for a minimal amount to be spent on fast food every month. This might mean that you will need to cook at home more, and you will probably need to bring your lunch to work.
Seek Financial Guidance
All of the tips mentioned above are some things that you can do to pay-off some of your post-holiday credit card debt. If your bills are just too much, then you can realistically afford to pay; you might want to consider bankruptcy. It can be a great option if you need to wipe-out credit card debt. It can help you make positive changes in a dire financial situation. If you are interested in learning more about filing for bankruptcy, then give Wadhwani & Shanfeld a call today. We can go over your bankruptcy options with you, and we can help you figure out how you can get rid of your post-holiday credit card debt.
Call our Southern California bankruptcy attorneys at (800) 996-9932 to schedule a consultation today!