The holiday season is always marked with careless spending on gifts, gas and food. Same day cash advance has been the preferred option when trying to settle debts.
Once the New Year sets in, accumulation of credit card bills can leave you feeling more frustrated. Do not feel overwhelmed and disturbed when facing debts. These tips can help you repay your debt:
Avoid using credit card. The after holiday sales may be tempting, but using your credit card will make you add up more debts and further complicate your situation. Only use same day cash advance when necessary.
Plan in advance. You may have a notebook or binder where you will be recording your bills. Prioritize the cards which have the highest interest rates and balances. Plan on how you intend to repay your credit balances and make it a goal to settle them as soon as possible.
Lower your monthly bills. There are practical ways you can reduce bills in your home. For instance, turning down the thermostat during winter and taking public transportation especially in short distances.
By looking at your past monthly budget, you will see what areas you can improve on reducing your spending habits. You may also find ways to earn extra cash so that you can allocate your funds into debt repayment.
Repay the debt with the lowest balance first. This will depend on your personal financial situation. If you make a habit of paying off debts by first starting with the ones with lowest interest, then you will be in a better position to continue paying off your debts. This will also prevent further buildup of interest.
Consolidate multiple cards. If you combine all the credit card debt into one loan, you can save from managing multiple debts. This however should be the last resort after all avenues have been exhausted.
This will prevent further accumulation of debts. Most of the holiday payments can be repaid if you use this approach. If you set up a billing system, you will ensure automatic transfer of monthly payments from your account.