Are you trying to pay off debt? It can seem like a long slog sometimes . . . especially if you haven’t developed personal traits that can help you in your efforts.
If you want to pay off debt there are some essential personality traits that you need to develop (if you don’t have them already):
The first thing you need to develop if you want to pay off debt is self-control. You need to be able to say no to things – even if you think you want them.
If you plan to pay off debt, the very first thing you need to do is have the self-control to stop digging the debt hole deeper. You need to stop buying things with debt, and say no to your spending preferences if you expect to make serious progress.
On top of that, you need to be self-motivated. You have to be able to keep yourself going.
Sometimes, trying to pay off debt can be disappointing. It is difficult to get used to telling yourself no all the time. Additionally, at the beginning, it can take a while to see real results as you pay down debt.
The high interest charges tend to reduce the effectiveness of your payments. You need to be self-motivated to keep yourself going and paying down debt.
It also helps to be organized when you want to pay off debt. You need to be able to order your debts, and create a system to help you pay them off. A good debt reduction plan is essential if you want to rid yourself of these types of obligations. Organize your debts, and then systematically pay them off.
Part of being financially organized during the debt pay-down phase is also creating a budget or spending plan. You need to know how your resources are being used, and organize them so that you can pay off your debt as quickly as possible.
Sometimes, it’s not about the impetuous and grand gesture. Sometimes it’s about patiently sticking to your plan for the next three years. It can be hard to keep moving forward when you want the problem to be solved right away.
However, unless you are willing to take extreme measures, chances are that your debt reduction plan will last somewhere between two and five years, depending on how much debt you have. You need to be patient as you forge new financial habits, and get used to making your regular debt payments.
In the end, your patience will be rewarded, since you will have done more than just pay off your debt. Living a different lifestyle tends to help you more permanently change your habits. At the end, you will be less likely to fall back into the practices that led to your debt in the first place.
The creative person can find new ways to improve the debt pay-down process. If you want to turbo-charge your debt pay-down, you can look for creative methods of saving a little more money each month, and putting that toward debt reduction. A really creative person can look for additional ways to make more money, so that can be applied to the debt pay-down efforts.
Creativity can also help you find other activities to occupy yourself so that you aren’t upset about the fact that you are practicing self-control and organizing yourself to pay off debt. Find creative and inexpensive ways to pass the time, and you will not feel as though you are giving anything up as you improve your financial situation.
What are some additional personality traits you think might help? Leave a comment!
This article was originally published December 13th, 2012.
Debt is often very difficult to handle. Indeed, debt affects more than your finances; it can also affect your emotional wellbeing and impact your relationships. As you tackle debt, it is important that you have a debt payoff support system. Do your best to find people that can help you stick with your goal while providing emotional support.
Who’s in Your Debt Payoff Support System?
As you prepare to pay down your debt, consider the people in your support system. You want to find people who can encourage you in your goal, and even help you reach your goal. Some of the people in your life who might be able to help you include:
- Your significant other
- Extended family
All of these people impact how you spend your money, and drafting them to your cause can help you see a reduction in spending, and an increase in saving behaviors that can help you pay down your debt. Look for people in your life who normally support you in other aspects. To whom do you turn when you need help? These are likely the same caring people who can help you in your efforts to pay down debt.
Choose carefully, though. Not everyone in your life is going to be able to support you in your efforts. Try to avoid toxic acquaintances who might make fun of you or constantly criticize you for past mistakes, rather than helping you move forward as you make better decisions for now and the future.
Once you have an idea of those you can count on in your debt payoff support system, it’s time to share your goal.
How to Tell Others About Your Debt Payoff Goal
Letting others know that you are in debt can be a painful process. However, if you want support, you will need to share at least some of the particulars.
For some members of your support system, you will have to be detailed. A life partner will have to know the details of your debt – how much there is, and how you plan to pay it down. Your debt goal should be decided upon with the help of your life partner. It can be a hard conversation to have, but you need to be on the same page.
You can also ask your children to help by sharing your conviction that you want to provide a better financial future for the whole family, and asking your children if they can help. Encourage them to be creative in their efforts. Let them know what is happening in a way that is age appropriate. Perhaps they can craft a debt payoff thermometer for you!
For those outside the reach of your immediate family, there is no reason to go into deep detail about your situation. Share your goal simply by letting friends and extended family know that you are striving to get rid of debt, and that you would appreciate their support.
Watch Out for Sabotage
Really, the best support your system can provide you is to not always be tempting you with expensive outings. Ask friends and family if you can do more home-based entertaining – they should know you’re on a budget! Invite everyone over for a potluck dinner. Have movie nights at home. Engage in baby-sitting exchanges. All of these efforts are fun and inexpensive ways for you to enjoy the company of those you love without spending a great deal of money.
Watch out for those who try to pressure you into buying expensive gifts for holidays and birthdays, as well as those who think that eating out is the only way to have an enjoyable time. People who know that you are trying to pay off debt, yet still try to encourage you to pay money, and who are unwilling to find less expensive alternatives, are not truly your friends.
With the right support system around you, you can make better financial decisions, and pay off your debt quickly.
Are you needing to pay off debt? Do you have some people in mind that would be a good support system? Leave a comment!
This article was originally published October 4th, 2012.
Many of us are looking for ways to get ahead at work.
Whether it’s looking for a promotion, or whether you are looking to get a new job, or whether you just want better job satisfaction, there are things you can do to enhance your marketability.
If you want to advance further in your career – and in your life – here are some ways to get ahead at work:
1. Know what you’re good at and play to your strengths.
One of the best things you can do for your career is to understand your strengths and play to them. Know what you’re good at, and find ways to integrate your skills into your work.
When you can use your skills, you will be happier in work, and you will be more likely to excel in your job. Definitely consider this when you’re looking for a new job – look for one that best matches your skill set. Here are some interview tips that can help you highlight this in an interview.
2. Improve your skills.
Constant improvement can help you perform your job better, and get you more noticed at work. It can also result in a pay raise, or in the ability to change careers.
3. Develop new skills.
Find out what skills are desirable in a certain job or career field that you want, and make an effort to acquire those skills. You can go through a certification program, or work on a degree. Know what your employer, or what a potential employer, is looking for, and then do what you can to achieve the requisite skills.
4. Know your worth.
You should understand your worth. Find out what, generally, those doing similar work are paid, and what is reasonable to expect for someone with your skill set and experience level. There are a number of sites, including Payscale.com and Salary.com, that can help you figure out what is average for your location. Know what you’re worth, and don’t be afraid to ask for it. One good way to help demonstrate your value is to build a work portfolio. If you didn’t know this already, chances are your company thinks you’re overpaid.
5. Consider the worth of benefits.
Another thing you can do to get ahead at work is to consider how much your benefits are worth. In some cases, these can be more beneficial than a small raise in pay. Plus, if you are willing to be flexible about pay so that you can see an improvement in benefits, you can present yourself as a team player, and as someone who thinks outside the box.
6. Tend your network.
Who you know can be as important as what you know when it comes to your career. Make sure to keep your network current, and include contacts in your own company. You never know when a contact in another department can provide you with the inside track on transferring, or when you can get an in at a new company because of who you know. It never hurts to earn points by helping to refer a friend for a job either. Put effort into maintaining a network, and you could have access to more opportunities.
This comes in handy, not just when you’re looking to change or upgrade jobs. One of the best ways to prepare for a layoff is to build your network. If a pink slip shows up, one of first things to do is hit the phone and ask former co-workers if they know of any job openings.
7. Practice the Golden Rule.
We’ve all been told to treat others as we would like to be treated. Remembering the Golden Rule can help you get ahead at work as well. Help others when you can, and be willing to mentor others. Also, be willing to provide good advice, and help others as part of their networks. When you can build mutual respect, you will have more success in your job efforts.
8. Find useful things to do during downtime.
If you have downtime, find something useful to do at work. Whether it’s working on an idea to help improve efficiency, getting ahead on some other project, cleaning up your workspace or doing some extra preparation for a meeting, your commitment to being useful and industrious will be noticed – and that can help you get ahead at work. Surfing the net at work is probably not the sort of “useful” thing that will get you noticed in a good way.
9. Behave professionally.
This means that you don’t gossip about your co-workers, or badmouth your old boss in a job interview. Professionalism in your manner, as well as in how you dress and the speed and competency of your work, can go a long way toward helping you get ahead in your career.
Do your best to carry out your duties in a professional manner, and you will gain a reputation for being someone others want to work with. This also applies when you’re leaving a job. Avoid burning any bridges and be sure to give your two weeks notice.
10. Pay attention to your online profile.
Be aware of what you are posting online, and how it might affect your career. Your employers and coworkers may see what you are doing online, and it could hurt you at work. If you want to stay ahead, be careful about what you post on social media – especially if it is about work. It can also pay to be strategic about building your personal brand online so future employers like what they see when they Google your name.
What are some other ways you can get ahead at work? Leave a comment!
This article was originally published December 3rd, 2012.
When I was growing up, my parents didn’t spend any time teaching me about investing. They talked about saving, minimizing debt, and making wise spending choices, but investing didn’t come up in conversation.
I didn’t realize that investing was something I could actually get involved in until I was in college. I’m determined to make sure that my son has some experience with investing before he leaves the house.
If you want to teach your kids about investing, here are a few things you can do to help get them started:
1. Buy them stock in a company.
This is actually something that works well for children that are young. You can choose a publicly traded company that your child might be interested in, like a department store chain, toymaker, or food company. Then you buy a couple shares of stock in the company. In some cases, you can get a paper certificate (Disney makes some attractive ones) printed out, so that you can frame it.
Explain to your child that they now have some ownership in that company. You can occasionally check to see how the company is doing, and encourage your child to read up on the company. My 10-year-old son is always paying attention for news about his favorite companies.
2. Let older children play investing games.
There are games out there, geared for tweens and teens, that can teach your children about money – including investing. There are stock-trading games that you can get your children involved with. You can sign up for free, and your kids can get a solid idea of how the stock market works. Games like How The Market Works can help you and your kids practice making trades, as well as learn about how investing works in the stock market.
Encourage your child to play these types of educational games. They can help your child learn more about how money works, and improve their understanding about what is happening.
3. Open an account.
Don’t forget to actually open an account and encourage your child to invest. I have a 529 plan for my son, and I occasionally show him the results of my regular contributions. He contributes, too, with some of his long-term savings money.
There are other ways to help your child start an investing account. If your kids are earning income, they can have IRAs opened in their names. Get your child started investing in a Roth IRA when they get a first job, and the chances of a successful retirement increase by quite a bit. You will have to be in control of the account until your child reaches the age of majority, but it is still in their name, and contributions can be made.
You can also open a custodial account at an online brokerage. When your child reaches the age of majority, they get control of the account, but until then you have to make the actual trades and manage the account. Encourage your child to make regular contributions, and watch the account together. Talk about long-term investing, and talk about the importance of not letting short-term problems with the market lead to panicked trading decisions.
Make sure that your child is ready to understand investing to some degree before you begin teaching them. Most children can start grasping the basics of owning a stock while in fourth or fifth grade. Many kids are ready to start understanding more about trading and investing on a better level by the time they are 12 or 13.
Don’t be afraid to talk about investing in your home, and let your child see some of the positive results. You’ll have savvier kids who are more likely to succeed financially later on.
Have you taught your children about investing? What are you teaching them and at what age? Leave a comment and let us know!
This article was originally published December 11, 2012.
As technology advances, and as credit score algorithms become more sophisticated, efforts are being made to measure more consumer behaviors, and to include the more subtle shadings of consumer credit use.
Changes being made to scoring models, as well as inclusions of non-credit data in your credit report, might help financial service providers get a more accurate picture of what sort of credit risk you really are.
Experian to Start Tracking Rent Payments
One of the major credit bureaus, Experian, has announced that it will start tracking rent payments. Those who make regular rent payments are not being recognized for their financially responsible behaviors.
Even though landlords can report them to credit bureaus when they are late paying, or skip a payment, there has not been a system in place to report on-time payments. This is changing with Experian’s RentBureau. Positive rent data could be a help to a consumer who is responsible, but who doesn’t have mortgage payment to help boost their credit profile.
FICO Expansion Score
In addition to being the foremost in credit scoring, FICO is also trying to widen its range offerings when it comes to consumer credit behavior. The company now offers the Expansion Score. The FICO Expansion Score factors in such items as rent payments, utility payments and other regular bills. This product also manages your checking account, so a bounced check can reflect on your consumer credit profile.
PRBC Reporting Agency
If you are interested in a credit reporting agency that focuses on non-traditional indicators of fiscal responsibility, you can consider the PRBC reporting agency. This agency collects information on bill payments, rent payments and more, and uses it to put together consumer credit reports.
PRBC makes use of the FICO Expansion score as well. However, you will have to request that the companies you work with report your good payment habits to PRBC; it doesn’t just happen.
On top of consumer credit profiles including information that isn’t normally considered to be “credit related,” it is worth noting that FICO has been tweaking its formula. FICO 8 is gaining popularity (even though it was released nearly two years ago), and it contains some new items that can help you improve your credit score.
Instead of penalizing you heavily for one-time missed payments, the new FICO score takes into account the fact that isolated late payments happen. If you have a generally good payment history, one missed payment won’t damage your credit score as much (although there will still be some damage done).
Additionally, FICO 8 will no longer take into account small collections. If the original balance was $100 on a bill that goes to collections, the new credit scoring model will disregard it. This should help consumers who might have forgotten about a small bill, or if a payment falls through a crack. FICO 8 is more forgiving in some ways.
Of course, some of the tweaks to FICO 8 will hurt consumer credit scores. The main downside to FICO 8 is that high amounts of debt can be more damaging. If you are close to maxing out your credit cards, it will have more of a negative impact on your credit score.
In the end, the quest is to reduce your financial habits down to an accurate number. In order to do that, credit agencies and credit scoring model developers seek to include more information.
Were you aware that the credit reporting agencies make these types of changes with time? Leave a comment!
This article was originally published March 2nd, 2011.
I’m on a mission to help bloggers create 50 books in 2014.
When I self-published last spring I had a reason to write (and finish) a book – the launch of the Debt Movement. Without that deadline the Debt Heroes book wouldn’t exist.
During the process I met amazing people, learned a ton, and like to think we helped a lot of readers. Being part of a movement was a great experience so I’m starting another movement, to help bloggers share their experience and stories via self-published books.
I get a kick of out creating things, like books and software, and this mission involves both. First we’ll talk about the books and then about the software.
If you’re a blogger you’re already familiar with the power of self-publishing. You exercise it every time you hit the Publish button in WordPress.
The great thing about blogging is you can get ideas, stories, and tips out into the wild a little at a time. You don’t have to wait until it’s all packaged and perfect to publish.
Creating a book helps you look back at what you’ve shared and focus in on your most useful content and lets you delve deeper and share more in your areas of expertise.
I think if you ask bloggers who have already put out books you’d find that putting together a book helps bring clarity for both you and your readers about your message and what you’re trying to accomplish.
It helps you focus and refine your direction and gives you more purpose. There’s no doubt that self-publishing a book is a project that takes time so you want to do it well and create a quality product.
The end result is worth the time and money you spend because getting it on Amazon and other marketplaces lets you reach people who you wouldn’t have otherwise and it can help open doors for you and your site.
What Kind of Books are we Creating?
That’s up to you. I’m sure there will be some of these and more:
- Ultimate resource (the best of your blog)
- How-to books
- Lessons learned
- Tips and hacks
How to Reach 50 Books?
How will we create 50 books? One book at a time : ) I have a schedule in mind but there’s no question it’s a daunting challenge. That’s the great thing about a challenge; it forces you to find solutions.
I do have an ace up my sleeve though, something I’ve been working on for a while now called the Virtual Book Coach.
After being laid off last spring I took a few weeks and built the prototype of the Virtual Book coach.
Since then I’ve been gathering feedback and building its core pieces and now it’s ready for the first group of users. It walks you through the steps of self-publishing, connects you with the resources you need to get your book out on Amazon, and helps you spread the word about your book once it’s ready.
So if you want to be one of the first few to get your book started head over and check out the early access offer I’m running for the Virtual Book Coach.
Happy New Year!
As this year ends and a new one begins, we set out to make our New Year’s resolutions. Two primary themes usually emerge – getting into shape and saving more money.
Unfortunately for us, author and psychologist Richard Wiseman found that 88% of people who make New Year’s resolutions don’t keep them. Here are some ways that can help you become one of the 12% of people that do reach their money goals.
1. Break down your goal.
When you sit down to commit to your New Year’s resolution do you know where to begin? Or you are just swirling it around in your head, overwhelmed by the task? Avoid setting your goal at an unattainable level. We have a tendency to set savings goals that are too high to meet right away.
Instead, break the total goal amount down into reasonable chunks. For example, if you need to save $12,000 for a house down payment, set your savings goal for $1,000 per month instead.
Psychologically, $1,000 a month seems much more achievable and you are more apt to go about doing what you have to do to save that $1,000. In the end, it adds up to your overall goal of $12,000, but seems less daunting than the full amount.
2. Get a savings partner.
Saving with a partner gives you a cheering squad and someone to make you accountable for reaching your savings goal. If you are married, your spouse can be your savings partner. You can also enlist a friend or family member.
Each of you can set your own savings goal or the mutual savings goal. Schedule check-in appointments to meet or talk on the phone to provide an update to each other. When you have to “answer” to someone, it helps to propel you toward keeping your goal as well.
3. Write down your goal.
Write it down. A Harvard study reveals that written goals are accomplished 80% more of the time than goals that are not in writing. Write down your goal and hang it in prominent location where you see it on a regular basis.
4. Play a savings game.
Learn how to cut spending and reallocate the money to your savings without sacrificing. If you see a new pair of designer shoes you want, wait for the shoes to go on sale before you purchase them. When you buy the shoes, deposit the difference between the original price and the price you paid for the shoes.
If you approach all of your purchases in this manner, it can give you more motivation to save. Another example would be to review your phone bill and cable bill. Determine if there are features you are not using or packages that cost less money and still fit your needs. Then change the package and deposit the monthly savings into your savings account. It’s like playing a game with yourself to see where and how much you can save.
5. Go one step at a time.
Take it one step at a time, rather than trying to implement it all at once or totally changing your lifestyle overnight. Ease into implementing the saving system with one item at a time.
When you take each of these five steps, one at a time, you can look back at the end of next year and realize you have accomplished your goal. Similar to tackling a big work or school project, plan ahead and break your goal down into manageable sections. Planning and implementing your money-saving New Year’s resolution with these steps makes it much more likely that you’ll achieve success.
Bonus Tip: Here’s a sixth way, a New Year’s resolution secret.
So, what are your resolutions for the upcoming year? Leave a comment!
This article was originally published December 22, 2010.
One of life’s “sure things” is that, at some point, your cable promo rate is going to expire, and you are going to be stuck with a higher rate for the remainder of your contract.
While some experts recommend that you call and threaten to cancel (and eat the termination fee that comes with quitting your contract early), or mention the possibility of switching to a competitor, Linsey Knerl from 1099Mom.com has a different idea. “I have experienced the dreaded rate like, like all other cable subscribers, and found that the ‘vacation threat’ can sometimes get them to drop the price to the promotional price – or at least closer to it,” she says.
“Most cable contracts allow you to suspend service no more than six months out of every twelve,” says Knerl. “This means that you can call your cable company and ask for the service to be suspended for a time when you don’t want service, and don’t pay.”
Unfortunately, there is a catch with this method. If the cable company takes you up on the offer, you could end up extending your service contract. Even so, if you are in a bind and you need a break from paying, and you don’t want to deal with the early termination fees that come with canceling your service altogether, this can be a viable option.
Knerl says that, in many cases, the cable company will give you a discount, since they want you watching and paying. “Just the threat can sometimes be enough for them to lower the rate for a term,” she says. “You could say something like, ‘I’m considering putting my service on hold for a few months during the time that all my favorite shows are on a break,’ or ‘I only really watch during football season and so the price doesn’t seem worth it.’”
These statements often cue the representative to take steps to extend the amount of time that you receive the promo rate, or at least offer you a discount that can take some of the pressure off your budget.
It’s important to note that some customers are likely to have better results than others. “This works better for long-term customers, or customers that have larger packages,” says Knerl. “Also, I can’t say what this would do to a customer who is in a bundling situation, with more than just cable attached for one price.”
Cable companies are starting to get an idea that more options are available to viewers than ever before. There are plenty of services that offer low-cost streaming, and just having the Internet can mean access to all of your favorite shows. (Of course, if the cable company also offers Internet access it can get you that way.)
As a result, some cable companies are starting to see that they need to be competitive if they want to keep their customers. This can be good for you, rather you threaten to cancel or just threaten to put your account on hold for a short period of time.
Editor’s Note: Looking for more ways to save money? Here are a few more ways to cut your cable bill!
What do you think? Do you have any tricks for keeping a promo rate for your cable TV service? What’s your best tip for saving money on home entertainment? Leave a comment!
One of the goals of those who long to be debt-free is to pay of the mortgage early. The idea is that once other debts are taken care of, it’s time to focus on paying down the mortgage.
There are a number of strategies you can employ to pay off your mortgage early, from switching to a bi-weekly schedule to aggressively making extra payments when you can. Some homeowners refinance to 15-year mortgages to pay off the mortgage faster and pay less in interest.
But is that really the best course of action?
While the idea of being completely and truly debt-free is one that pulls at the imagination, the reality is that paying off low-interest, tax-deductible debt isn’t always the most prudent course of action – at least from a strictly numbers standpoint.
What Else Could that Money Be Doing for You?
One of the first questions you have to ask yourself, as you begin considering how quickly you can pay off your mortgage, is what else the money can be doing for you.
Right now, you might have a very low mortgage rate. My mortgage rate is below 4 percent. However, in the past year, my annualized investment returns have been right around 11 percent. Averaged out over the last five years, my annualized returns are right around 6 percent. That means that paying down my mortgage debt only gets me – at most, since I’m not even considering the tax deduction – a 3.75 percent return on my “investment.” On the other hand, actually investing that money provides me with the potential for better returns, especially over time.
So, the interest I do pay on my mortgage is tax-deductible, which means that keeping the mortgage reduces my tax liability to some degree. And, at the same time, I have the potential to earn better returns by investing the money. Paying off credit cards as quickly as possible makes sense, since there are no tax benefits and you aren’t likely to earn investment returns that beat a credit card interest rate.
However, mortgage debt is a little bit different.
Choosing to Be Debt-Free
Of course, the financial possibility of better overall returns isn’t as important to someone who is more interested in being debt free. It comes down to priorities. For some, the principle of the true debt freedom and true home ownership (although there are arguments that it’s not true “ownership” as long as the government can nail you for property taxes) is more important than the potential for investment returns that might not actually materialize.
Before you decide which path you will take, it’s important for you to carefully consider your situation and your own priorities. I would rather invest the money than worry too much about paying down my mortgage early (the same is true of my student loans – interest rate below 2 percent).
However, if something happens to my income, I run the risk of foreclosure if I don’t have my mortgage paid off. There’s a certain amount of security in feeling as though you truly own your home.
What do you think? Would you rather pay off your mortgage early or invest the money? Leave a comment!
Even with the best intentions, it’s too common: People rack up debt during the holidays. If you have some holiday debt, chances are that you want to get rid of that debt as soon as possible.
Here are some tips from Kevin Gallegos, the vice president of Phoenix operations for Freedom Financial Network:
1. Stop charging.
The first thing you need to do is stop using your credit card. “Don’t close any long-standing accounts with a positive payment history, as that can hurt your credit scores,” says Gallegos. But you do need to stop charging. He suggests the time-honored tradition of freezing the credit cards so you can’t make impulse purchases with them while you pay off your holiday debt.
2. Keep paying for your needs.
“Make sure to pay for necessities like food, clothing, and shelter,” says Gallegos. “However, keep in mind that things like fine dining and a new wardrobe are not necessities.” You don’t want to put other areas of your finances at risk, so keep paying on secured debt (car, home) and student loans.
3. Start with credit card debt.
Now that you have stopped charging and identified your true needs, it’s time to make a plan for paying off that holiday debt. Gallegos suggests starting with credit card debt. “Begin by figuring out a fixed monthly amount you can pay toward your debt until all debts have been paid off,” he says. “This amount should be more than the combined minimum payments on all of your cards.”
Then, choose a method of debt pay down. There’s the debt avalanche, which focuses on starting on the card with the highest interest rate so you pay off debt at a faster rate, or the debt snowball which has you start with the lowest balance. The snowball takes longer and costs more in interest, but it can be more motivating, since you start off with a quick victory.
Gallegos points out that you can negotiate with your creditors. “If you have experienced a temporary hardship, you might try calling creditors and asking for ‘temporary hardship status,’” he says. “Some creditors may work out payment plans.” This can be a way to get a little breathing room while you tackle your holiday debt.
Don’t forget that if you are a customer in good standing, you might also be able to negotiate your interest rate. If you can get a lower interest rate, you’ll be able to pay off your holiday debt quicker.
5. Get help if you need it.
Chances are that you can handle your holiday debt on your own. However, if you are overwhelmed and don’t know where to start, it can make sense to get a little help. “Individuals who have credit card debt of $10,000 or more, and are struggling to make required minimum payments, may find help,” says Gallegos.
Your holiday debt might have put you over the edge, acting as the last straw in your situation. If this is the case, you might need help. Make sure you work with a reputable credit counselor or debt company so that you don’t end up in worse trouble overall.
How are you planning on paying down your holiday debt? Leave a comment!