Getting Out of Holiday Debt

How to Get Out of Holiday Debt Without Putting Your Life on Hold

If you’re like most people, you incurred a bit of debt this holiday season. From a few hundred dollars to thousands of dollars, millions of people went into debt this holiday season, so you’re not alone. The question is, how do you get out of holiday debt with as little pain as possible?

Assess Your Debt

The first thing you want to do when trying to get out of holiday debt is assess exactly how much debt you got into this holiday season. Once you know exactly how much debt you have, you’ll be better able to plan how to get out of it.

Set Up a Budget

Now that you know how much debt you’re in, it’s time to set up a budget. Figure out how much money you have coming in and going out each month. You’re going to want to pay more than the minimum monthly payments on your credit cards or you’ll never get out of debt, so divide the amount of your holiday debt by six and see if you can possibly get out of debt within six months.

By figuring out your holiday debt and setting up a budget, you’ll be well on your way to preparing for the next holiday season.