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.

Americans found themselves out of work due to government-ordered shutdowns, it’s no surprise to see that Millennials and Gen Z were affected the most.

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’ve been able to keep up with your payments and haven’t missed any in the last twelve months, your creditors might be willing to reduce your 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. You can also look at the snowball method to pay off your debts.

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.

Swipe Up To Read More On Digging Out of Holiday Debt