Now that the holidays are over with, it’s time to deal with the debt that’s sure to have accumulated as a result of gift buying. It’s never easy paying off holiday debt, but it’s certainly not impossible if you put your mind to it. In fact, getting that additional burden lifted from your shoulders is a little easier than you think. All it takes is a utilization of a few of the following strategies:
Eat less, exercise more: It’s a guarantee that the less you eat, the more money you’re sure to save as a result. That’s because healthy eating is all about portion, and reasonable portions are likely to be much smaller than you’re used to. But in addition, you can stand to see an improvement in your average life insurance quote due to a healthier lifestyle.
Pay triple the minimum payment: If possible, simply pay as much as possible every month. If you’re used to paying double, then go with triple the minimum payment in order to speed the process up. You’ll be paying this debt off one way or another, so the sooner, the better.
Take on a second job: This is undoubtedly the hardest method of freeing yourself from holiday debt to commit to, but if you can’t triple your minimum payments, why not take on a second job? Whether it’s tending bar, delivering pizzas, or taking online surveys, whatever gets you more income is enough to help you pay off that holiday rate debt quicker than you otherwise would be.
Negotiate better interest rates: This won’t be easy without a fierce determination to do so, as credit card agencies are certain to receive their fair amount of lowered APR requests, but it never hurts to try and get your credit card interest rates lowered after the holidays are over. If it’s the first time you’ve ever attempted such a lowering, then there’s a good chance you’ll walk away with a lower monthly payment.
Wait for your tax refund: If you can handle making minimum payments on those credit cards for a few more months, then your best bet is to wait till your tax refund in springtime. Chances are you’ll be netting around $2500 to $3500, which should be plenty to pay off holiday debt.
Whether it’s through working more hours or re-evaluating the way you spend money, paying off that holiday debt is far from impossible. The hardest part is generating the will and discipline necessary to follow through on the tactics involved. If you possess the determination to succeed in these arenas of holiday debt elimination, then there’s no doubt that you’ll prove victorious in your efforts.