You can sort your bills by the highest balances OR you can sort by the highest interest rate and decide for yourself based on how much you can pay at a time, what is the best way for you to approach your credit card debt repayments. The highest interest first may be the best way to start unless the highest interest card is the lowest balance you have. Look over each bill statement and try to figure how much a month in charges it will accrue.
Once your credit card bills have been sorted you should list them in order of importance of who should get paid first. ALWAYS make the minimum payment on all the bills and apply extra money to the one that is first on the list and then work your way down on your list. You should try not to deviate from the financial plan that you have scheduled for yourself.
You can also cut back on some things that you typically spend on until you pay off all your holiday debt. Some things that you can cut back on are as follows:
As you sit and look back on your total spending for the holidays, maybe you should consider how much better you would feel without that extra financial burden. Start creating a holiday budget plan for next year. Each week put a little away so by the time the holiday season comes around again you will have your gift shopping money and hopefully will not have to use your credit cards again.
And remember, it's the thoughtfulness behind the gift that counts, not the amount of money that you spend on the gifts.
Some Financial New Year's Resolutions:
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