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6 Smart Ways to Pay Off Your Holiday Spending Credit Card Debt

The holiday season might make you feel more generous, but it would also prompt you to use your credit card without much discretion. This reckless use can sometimes get you in serious credit card debt, wreaking havoc with your financial dealings for the rest of the year.


If the above situation is looming ahead of you, don’t despair! The following steps will hopefully have you out of debt before it crushes you:

1. Assess the Situation

Your first step should be to review your financial standing as of this moment. Review your monthly budget and financial goals of all sorts. List your debts, payment dates, minimum payments, and interest rates.


Chalk out a time frame within which you want to get rid of the debts for good. This way, you’ll have a clear path ahead and can work on paying off your debt without worrying about how they stretch out.

2. Curb Spending

The first step on your plan should be to focus on cutting down the spending. Avoid spending even a little on unnecessary items. Cook at home instead of eating out, upcycle your clothes instead of buying new ones just yet, and make a simple coffee instead of ordering those expensive lattes.


Small changes like these will eventually pile up your extra cash, making it easier to meet payment deadlines.

3. Using Extra Money

The holiday season also brings bonuses, while your tax returns are another welcome addition. Don’t blow this extra money on fancy vacations or shopping sprees until you’ve paid off your credit card debt. Even when you’re clear of the debt, we suggest putting that money away for some unforeseen expenses or the next occasion.

4. Earning More

Use your skills and free time to take advantage of online gigs or get a side hustle like driving for a ridesharing company. There are several opportunities out there which are flexible enough to allow for your day job as well. Hop on LinkedIn, Fiverr, Guru, FlexJobs, or toptal to get started.



5. Early Shopping

If you still have shopping to do, get an early start. List the people still in need of a gift and jot down some ideas for them too. Ideally, you should know what to buy before the holidays start, allowing you to stay updated on bargains.


This step will spread out the cost of holiday shopping over the whole year. As a result, you’ll find it easier to pay bills early and hence enhance your credit score.

6. Have a Plan

As a rule, those with credit card debt shouldn’t consider buying large items such as televisions, computers, or cars. Even if they’re available at a huge discount, don’t go ahead with the purchase unless you make a plan for it in your budget.


Work out the sacrifice you’ll have to make in order to pay for this addition and see if it’s worth the hassle. But if a large purchase is extremely essential, ask yourself a few questions before finalizing your decision.


Knowing your battles before they approach you will allow you to make a game plan. It’s recommended that you pay off your debt before making any large purchases unless they’re absolutely necessary. If you can use the library computer instead of getting a new one to look for work, go with the former option.


So, Is Getting Out Of Debt Possible?

Luckily, yes! When you do manage to find your way out of that credit card debt, make a promise to be more careful from now on. Being in debt isn’t an ideal situation, and the kind with credit cards is actually avoidable. Look up some financial strategies before the next holiday season and plan according to your means, not beyond them.



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