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Credit Card Applications » News » Other » Tips on recovery from holiday credit card debt

Tips on recovery from holiday credit card debt

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Tips on recovery from holiday credit card debt

Christmas shopping is a wonderful experience for shoppers, but once the festive season draws to an end the fun and frolic just seems to vanish with shoppers being left with huge credit card bills to cough up. Overspending during holiday season is not something new and most of us get drawn into the irresistible offers and tend to overspend. Sooner or later the reality will surface when bills are due to be paid. This is called as the “debt hangover” by analysts.


Starting from Jan 2011 there will be a steep rise in prices. It is not the ideal situation for any of us to have huge credit card bills that have piled up during the festive season. However, all is not lost and with some diligence, paying up will not be as difficult as one would imagine.


As per the American Bankers` Association, any average household would often carry around $8,000 as balances on their card. While paying with plastic most often people fail to visualize the amount that is being spent. People tend to be more careful while handling money but not so with the plastic currency. With cash reality strikes once the wallet is empty. Whereas, with a card there is no check on the spending, hence people tend to overspend.


In order to get their finances in order, people have to make some diligent efforts to clear the huge bills that have been racked up. Here`s how:



  • Stop the usage of all cards. The balances will only rise with the additional charges that would be levied on the card on the existing balances.

  • Payments will have to be made on the card with the highest interest rates, as a priority.

  • Always pay more than the minimum required on the balance as much as possible so the interest is not the only thing that is being paid off.

  • See if the interest charged can be lowered by having a frank talk with the card companies.

  • Consolidating all the payments onto one new card which has low introductory rates or a no-interest credit card is a better option. Then start paying up.

  • Don`t ponder for long about returning the items that are unused to the store.

  • Keep tracking the progress made with the payments and motivate yourself to clear debts.

  • Learn from past mistakes and save before next Christmas.

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