Digging Out of Holiday Debt

Now that the post-holiday bills have started creeping in, many people are quaking in their boots at the thought of hefty bills eating away at their bank account.

The pandemic has been a harsh reminder of how fleeting financial security can be, especially for younger generations. In this coming-of-age story, we’ll look at how the pandemic has shaken things up for both Millennials and Gen Z.

Although new research shows that credit card debt did not hit the record highs experts in the U.S.

The Pandemic Drives Credit Card Debt

The Pandemics Lasting Impact

As if being hit by a pandemic during some of your most formative years wasn’t enough, 70% of Gen Z respondents said the pandemic was the reason they took on more credit card debt compared to 46% for Millennials.

Need Help Digging Out

If you feel like your debt and interest rates have gotten out of hand, try calling your creditors to renegotiate your interest rates.

If you feel like your debt and interest rates have gotten out of hand, try calling your creditors to renegotiate your interest rates.

Next, take the time to figure out how to use the avalanche method. This is when you pay off your highest interest card first. But be aware that if you’re on a tight budget this may not be the method for you.

The debt snowball method is a strategy where you pay off debt in order of smallest to largest, gaining momentum as you pay off each remaining balance.

When the smallest debt is paid in full, you roll the minimum payment you were making on that debt into the next-smallest debt payment. If you’re having trouble figuring out where to start, reach out Debt.com for help.

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