Everyone enjoys gift-giving during the holiday season, regret their shopping spree in January when the large bills start piling in. Although it's best not to over-spend in the first place, if you find yourself in a bind with post-holiday debt there are a few ways to tackle those bills and pay off the debt once and for all. And once you've paid off that post-holiday debt, set a budget and start saving for the next season to avoid falling into the debt-trap again.
Stop Spending
While this may seem like a no-brainer, many shoppers continue to use their credit cards after the season, when those post-holiday sales hit. Cut up unnecessary credit cards, such as those from department stores, to avoid using them. If you must keep a credit card for emergencies, stick to a Visa and MasterCard and resolve to use it only when necessary. And no, a shoe sale does not count as an emergency. Sorry.
Bankruptcy Attorney Dallas, Corporate Bankruptcy Attorney, Bankruptcy Attorney Dallas Texas,
List the Debts
The majority of Americans carry more than one credit card. In fact, it's not uncommon for shoppers to open several lines of credit from various stores during the holiday season. Compile a list of each card, the amount owed and most importantly, the amount of interest they charge. Not only will this help you keep organized, you will know the total you owe altogether and which card has the highest interest rate.
Develop a Plan
Once you determine how much you owe, it's time to make a plan to pay off those bills. While many debtors prefer to pay off the smallest first to get rid of them, that's not always the best solution. Instead pay more to those with the highest interest rates as that added interest expense will cost you more in the long-run. Many sites offer online debt calculators which allow you to determine how long it will take to pay off a debt at the current interest rate. You'd be surprised at the long length of time you'll be paying for a short shopping spree.
Compiling the Bills
Take advantage of lower interest cards. If you have a lower interest card that allows you to transfer balances from other cards on to it, transferring those high interest cards to the lower interest one will not only help compile your debt but could save you hundreds of dollars. Just be careful to read the fine print. Some companies may offer initial lower rates on balance transfers but then increase the rate after a period of time. Contact your credit card company for details before transferring those balances.
Bankruptcy Attorney Pittsburgh
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Attorney Pittsburgh
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment