Digging Out of Holiday Debt

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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.

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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.

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

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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.

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Next, take the time to figure out how to use the avalanche method. This is when you pay off your highest interest card first.

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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.

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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.

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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.

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Swipe Up To Read More On Digging Out of Holiday Debt

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