So, Now You Are Faced With Those Credit Card Bills For Hold Your Holiday Fun For A Big Price

Category: Finance, Credit.

Many of you know the feeling.

You didn t have to worry about it then because you simply charged it. You had a wonderful holiday season and you spent tons of money to make it great with gifts and food, and other things you didn t have money for. So, now you are faced with those credit card bills for hold your holiday fun for a big price. The first step is to lock up your credit cards. You need to know that you don t have to spend years and years paying off that debt, you can accomplish the task in just a few months. In order to stop adding to that debt, you have to stop using your credit cards.

Then you will need to examine the damage and make a plan. Learn to use cash or get a debit card to make your purchases. Open all of your credit card bills and look at the interest rates as well. This is a great way to make your debt interest free for a few months. If you have bad or high interest rates, see if you can qualify for a zero interest credit card that doesn t charge for balance transfers. Be sure to understand that these rates usually only last for the first six months.

You should only have one minimum payment to make every month. Transferring your balances will help consolidate your debt and will make it much easier to handle. Now, this is the step that takes a lot of financial control. Use your extra cash flow to pay off your debt. At this point you will need to stop buying those things you don t really need to free up some cash. If you can save up some cash, go ahead and send it an extra payment to your credit card company. In order to pay off your holiday debt in just a few months, you will probably need to at least double if not triple your minimum payment.

Always write" apply to principal" in order to make sure your payment isn t held until t. he next bill comes. Put all of your extra money towards your credit card bill. If you are having trouble with your self control over your finances, you will want to contact a financial advisor. Pay off as much as you can until the balance is gone. Get help before you fall into more financial trouble. Figure how much you spent the previous year and see if you can set a goal to save close to that amount of money over the next few months before the holidays. This is the time to make a plan for the next holiday spending.

When the next holiday season rolls around, only use the cash you have saved to gifts and chocolates and everything else. It will definitely be a gift for yourself when you don t have credit card bills coming in January. Don t spend money you don t have of you will end up in the same situation you are this year.