(WWLP) – The holidays can be an expensive time of the year, but 22News is working for you with ways to pay down holiday debt.
Between giving gifts, and hosting get-togethers, it’s easy to spend lots of money during the holidays.
According to a study from Magnify Money, the average consumer adds more than $1,000 to their credit cards during the holiday shopping season.
But there are a few ways you can deal with the extra debt before it becomes a bigger issue.
To pay off your holiday bills, experts suggest figuring out what credit cards have the highest interest rates and paying them off first. You can also look into a balance transfer.
This involves finding a credit card with a lower interest rate than your current card and then transferring your debt to it.
It can also be a good idea to create a budget while paying down debt and make sure to stick to that budget. And finally, you can get a temporary side job for some extra cash.
If the debt isn’t taken care of, the interest will continue to grow, and you’ll end up paying much more than originally planned for those gifts.