Facing The Bills: Six Smart Tricks To Tackle Your Holiday Debt

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Oops! You did it again. Another holiday season, another December spent wracking up debt on presents and parties. Americans spent an average of $1,048 this past holiday season and those who used credit cards for holiday shopping in 2018 likely amassed over $1,200 in debt. So now that it's January, the time has come to face the music (and the bills). Here are six smart strategies for paying off your holiday debt quickly and with ease.

Have a financially "Dry January." Consider challenging yourself to a no-spend January by cutting expenses and living on a healthy budget. Get creative and do things like pack your lunch or make coffee at home to keep from spending. Now that the holiday season is over, live modestly and make sure to pay off as much debt as possible.

Get a temporary side hustle or part time job. If you are struggling to pay off debts with your current income, consider taking up a temporary side hustle or part time job. Freelance work, weekend retail jobs, and babysitting are all great ideas that can help you make extra cash to bring your debts down.

Get a Debt Consolidation loan. In some cases, a debt consolidation loan can get you the cash you need to quickly pay off high interest credit cards or consolidate debt from the holiday season. By consolidating your debt into one low, fixed-rate monthly payment, you can take advantage of interest rates that are often lower than most credit cards.

4.    Sell unwanted or unused items and return gifts. Out with the old and in with the new! Consider selling any unwanted or unused items that have been taking up space in your home. Also think about the gifts you received this holiday season: did you receive any that you can return for cash to help pay off debts?

5.    Think about a balance transfer. Transferring your credit card debt to another card can help you save on interest and pay down balances faster. Consider a credit card option that has no annual fee and great introductory offers.

6.    Ask a credit union for help. When it comes to reaching your financial goals, ask for help! Credit unions often partner with companies like GreenPath Financial Wellness, who can provide you with free counseling sessions that can walk you through debt payment options and services to support your financial goals.  

Although the holiday season can be stressful, we know that the financial hangover afterwards can be even worse. For more information on how we can help you tackle your holiday debt, visit

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