Getting Out of Your Holiday Debt
Maybe you overindulged and went way over your budget during the last holiday celebrations. You’re faced with with high credit balances that attract high-interest rates, which you feel are negatively affecting many areas of your financial life. You are not alone.
Here are some tips to help you take control of your finances and get out of holiday debt faster.
Consider shifting your balance to a low-interest credit card with a zero percent introductory APR offer. While this won’t magically solve your problems, it will give you some breathing space by temporarily halting too much interest from accruing so you can make headway on your debt.
Trim Your Spending
Another way to pay down your holiday debt is to eliminate unnecessary expenses as much as possible. Carpool with a friend, eat out less often, and use that extra cash to get rid of those holiday debts.
You have that gift that has been sitting in its original packaging since you brought it from the store. Perhaps it doesn’t thrill you. You can return it for cash. While at it, consider selling some of the items you no longer need and commit the amount to settle your outstanding balance.
Save Up for the Coming Holiday
To avoid holiday debts in the coming years, set aside money every month to cater for the holidays. Open up a Holiday Account with Bragg Mutual FCU and get started on your journey of maintaining a debt-free life. Contact us at 910-222-1500 to learn more!
*Subject to credit approval. Rates disclosed reflect our best rates and may be different based on credit underwriting or services used. All loan or deposit rates are subject to change without prior notice. The information posted here is a service to our members. Although BMFCU strives for information accuracy, we do not guarantee or warrant information posted here.