Managing Post-holiday Debt

It is estimated that consumers spent nearly 30 percent more this holiday season than in the past five years. Even worse, most used credit cards to pay for those purchases. We should be receiving that dreaded credit card bill in the mail any day now, leaving too many people further in debt and financially stressed for the New Year.

What Can We Do?

While it may not seem like the right time for asking for help with your debts, now is actually the best time. Besides wanting to start off the New Year with a financial plan to get yourself out of debt, credit card companies are willing to negotiate. In fact, many credit companies would prefer to help consumers make their payments by lowering interest rates or minimum payments rather than risk the consumer seeking bankruptcy or debt settlement options.

If you find that your post-holiday bills are overwhelming, don’t be afraid to ask for help. You can contact your creditor directly and explain your situation. Have a few suggestions on hand about how they can help you make your payments on time. Also, take a credit counseling course. They are very affordable and can teach you valuable information about managing your credit card debts and finding a debt relief option that is right for you.