Fighting the Holiday Spending Blues

The holidays are officially over and we are back to reality now. It is said that January 21st is one of the most depressing days of the year¹. Why?? Because the Christmas credit card bills start rolling in, and the overspending of the holidays becomes a harsh reality. Now it’s the time to own it and face those holiday bills head on.

Although it can seem overwhelming or like there is no end in sight to this holiday debt, don’t panic. Take a step back to evaluate your situation, and go from there. Also, it is easy during the holiday season to get distracted and forget about due dates, but it’s so important to make sure you pay your credit card bills on time. When you don’t pay your bill on time, you get charged with late fees and may get a late payment on your credit report.

Also, in some cases a late payment can increase the minimum payment you have to make. When you make your payment on time, you are proving to creditors that you are reliable and responsible. It might seem easy to let it slide one time, but that can easily lead to a bad habit of making late payments. 

A popular strategy for paying down the debt involves paying off the account with the highest interest first, the second highest next, and so on.  Another strategy is to pay off the lowest balance first.  In each case, organize your list or spreadsheet by the strategy you chose and update it often.  Hanging it on your refrigerator is a good way for the family to be involved in the game of ‘how fast can we pay it off!’

In this Ozarks Live Segment, Bruce sets up a game plan to get the leftover paid off quickly.

Don’t forget to tune into Bruce’s show every Tuesday at 3pm on KOLR10!

Sources:

1. https://www.usatoday.com/story/news/nation/2019/01/17/blue-monday-january-most-depressing-day-year/2604287002/

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