Have you paid off holiday credit card debt yet?

The holidays are long gone, the tinsel is thrown out – but are you still paying for holiday indulgences with bills and credit card debt? If you haven’t paid off all your holiday bills yet, you could be racking up big interest and even hurting your credit score if your accounts are outstanding. Here’s how to get back on track:

1) Develop a budget and repayment plan. How much can you put aside for holiday debts today and this month? How long until you are debt free?

2) Rein in your spending. Most retailers have very tempting January sales, but put on blinders and focus on paying down your bills. You’ll feel much better all year for it – and those sales will still happen in July.

3) Don’t forget to pay yourself. Even if you are facing a mountain of debt, don’t forget to put aside some money into an emergency fund and a savings account. It’ll keep you out of financial trouble and will ensure that next December you don’t have to pay for everything with a credit card.

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