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Tips for Paying Off Holiday Credit Card Debt Fast | Lifestyles

The holidays may be over, but their financial impact is likely to add further pressure in the New Year for the 36% who went into debt to pay for gifts, decorations, and more. in 2021, according to LendingTree.

“It’s easy to feel overwhelmed if you’ve brought holiday debt into the new year,” said Michael Sullivan, personal financial consultant at Take Charge America, a nonprofit credit counseling and debt management agency. lucrative. “But with a little focus and hard work, you can create an action plan that will pay off that debt as quickly as possible so you can focus on your other important goals for 2022, like buying a house or taking a vacation. dream.”

Sullivan shared the following tips to help you pay off your vacation debt quickly:

• Stop using credit cards. For starters, you need to stop taking on new debt. Stop using your credit cards while you work to pay off your balances.

•Eliminate or minimize expenses. To free up extra money to pay off your debts, scour your budget or online banking register for expenses you can eliminate or minimize. Is there a subscription you can pause or cancel? Try negotiating a lower rate for your phone or cable bills, or switch plans or carriers to save.

• Explore concert work. The fastest way to pay off debt is to have more income. Consider gig work like delivering food with DoorDash or Postmates, or driving for Uber or Lyft. Depending on your skills, you can do odd jobs like walking a dog or running errands with TaskRabbit. You can find part-time remote work on sites like FlexJobs or UpWork. Apply your concert earnings to your debt.

• Pause non-essential savings. Have you saved for a new car, vacation or house? Consider taking a break temporarily and redirecting those funds to your vacation debt.

•Use holiday gifts. It’s not as exciting as buying new clothes or splurging on a night out, but using cash gifts you’ve received can help reduce your holiday debt.

• Consider a balance transfer. Explore a balance transfer to save on interest charges. Many card issuers offer 0% interest on balance transfers for 12 to 18 months. Don’t forget to factor in the transfer fee, which is usually a percentage of the transferred balance.

Founded in 1987, Take Charge America Inc. is a not-for-profit agency providing financial education and counseling services. For more information, visit takechargeamerica.org or call (888) 822-9193.