With the New Year approaching, many of us are inspired to examine our finances and get our debt under control. Below are some ways to pay down debt you may have accrued over the holidays.
• Create a list. Make a list of holiday expenditures that were paid for with a credit card. Separate the list by credit card and prioritize the debt based on interest rates. Plan on paying the cards off with the highest interest rates, first.
• Stop using your credit cards. Leave the cards at home while you are out to avoid temptation. Even if you earn reward points by using them, stop putting expenditures on these until your finances are under control.
• Use your Christmas bonus check. If you received extra money from your place of employment for the holidays, put it towards your debt. Avoid the temptation to spend it on a luxury item or vacation.
• Sell unwanted gift cards. You can sell your unused gift cards for cash at an online marketplace and use this money to pay off holiday debt. Make sure you read the fine print on each site before doing this.
• Sell unwanted gifts or personal items. Take inventory of personal items and unwanted gifts to sell on sites like eBay or Craigslist. Take quality photos and write captivating descriptions to sell these items quickly.
• Save money by transferring balances. If you are eligible for any 0 percent interest credit card offers, consider transferring your holiday debt over to one of those cards. Make sure you know how much you will be paying in balance transfer fees.
• Make a weekly payment. Do not wait until you receive your statement in the mail. Be proactive in making your debt payment. Have a goal to make weekly payments, instead of monthly payments.
• Change your spending habits. Be prepared to cut back. Tighten your grocery budget and keep household expenditures low. Keep track of how much you are saving each week/month.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.