How to Pay Down Debt After a "Credit Christmas"

Well, here we are. January 3rd. The sun is out, the birds are chirping, it's going to be back up over 60 degrees again this weekend aaaand...we're broke. Well many of us are, anyway. And if you're like me, you were thrilled to receive money as a gift because it helped pay off some of the "padding" you tapped into this season or the utility bills you ignored!

If you had to use money you didn't actually have this season, it's okay. Sometimes that can really be helpful in crunch time but it can add up quick so don't ignore the debt. Here are 5 ways to get started tackling your holiday spending!

1) First, add it up. Seriously, don't ignore it and let it turn into a scary debtmonster once your awful interest rate starts accruing. look at all of your credit cards and lines and check out what's up.

2) Cry a little bit if you need to. It's okay.

3) Break it down in a way that's aggressive but won't get the electricity turned off in your home or prevent you from putting gas in your car. Do you want to make monthly payments? Bi-weekly? Can you set up auto pays through your financial institution so that it just happens without you even having to do anything?

4) What can you sell? I'm so not kidding. Sometimes hocking some old DVDS, video games or clothes can make you a quick $50 that can knock a chunk out of that debt in one fell swoop! Or you can even sell your service time. Does someone in your family need a wall painted? A basement cleaned? Can you write an article or make something by hand to sell online that would return some pay? Consider all of your options!

5) Commit to it like a serious loan and GET RID OF IT. Nothing financial can snowball on you faster than credit card balances. If holiday debt is just the cherry on top of a whole snowball sundae of debt then perhaps it's time to look at something like a credit consolidation loan or another loan that your financial institution can give you & reduce the intrest you're paying.

For more great tips on how to crush your Christmas debt, check out this article on the blog Gifts from the Heart and Hand.

If you're in debt, don't worry. This month I'm going to be exploring ways that we can get out of debt and start thinking ahead, even when money is tight! 

Did you have to go to crazy on the plastic this season? 

Keep rockin'!

Jenn