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Home > Blog > Credit Bloopers > Tips to Pay off Your Holiday Credit Card Debt

Tips to Pay off Your Holiday Credit Card Debt

Posted by: Sally S. | Jan 17,2008

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If you spent more than you intended during the holidays (and who didn’t?), the bills are probably starting to roll in. Many of us saw a spike in credit card debt over the holidays. I didn’t charge many gifts to my credit card, but I did use it often during holiday travel, so I’m feeling the pinch, too. Tips you can use to pay off your credit card debt:

You may want to transfer your balance to a low interest credit card to help pay off your debt. If you move your debt to a 0% APR or low interest credit card, you will save money in finance charges.

Pay more than the minimum on your credit cards to help ease your debt woes. You should pay more than the minimum amount due every month to help prevent finance charges from accruing. It’s especially beneficial to pay more than the minimum after the holidays, when your credit card debt increased more than usual.

Make a balloon payment on your credit card to help pay off your debt. If you can afford to do it, make a large payment or an extra payment on your loans and credit cards. Contact lenders before you pay to make sure you don’t have to pay a penalty for paying ahead of your due dates.