GREENFIELD, Mass. (WWLP) – It’s a situation that’s all too familiar. After the holiday season, you’re low on cash because of all of the gifts you bought.
With just two days before Christmas, many people are rushing to purchase last minute gifts and a lot of people will be using their credit cards, only to see a bill in the mail the following month. Now this, no doubt, can be a very stressful situation, but there are ways you can manage your debt.
Don’t ignore your bills, because you don’t want to damage your credit. Also, try not to add more debt by trying to spend less, and most importantly, set a goal and track your progress. Pat yourself on the back as you pay off your debt.
Marjorie Kramer from Lowell, VT said, “I think you just have to watch your pennies and use your common sense. And if you’re poor, as I have been at times, you have to be even better organized.”
Here are some tips for managing your holiday debt:
- Combine Your Balances: Shop around for a low interest rate balance transfer credit card, and transfer your balances onto a single credit card.
- Give It All You Got: Try to make larger payments than the bare minimum.
- Return Unused Purchases: Don’t allow items to sit in your closet.