Tips, advice, and the latest news from the savings world.
December 28, 2011
We do a lot of overindulging during the holidays. We take an extra day off work, eat an extra piece (or two) of pie, and sometimes charge more than we can afford on our credit cards. With the holidays nearing an end, and post-holiday credit card bills rolling in, it’s time to create a plan to pay off any debt we may have incurred during the holidays.
Cut Back on Spending – The first step in getting out of debt is to stop borrowing. If you overspent during the holidays you need to cut back your post-holiday spending. It may help to cut up your credit cards or lock them away in a safe place.
Make a budget – Cut out any expenses you can and plan to pay off your debt as quickly as possible. While you are making a budget, figure out the most you can afford to pay each month to reduce your debts, then make those payments without fail.