Though it may seem as if there is nothing you can do to make your debts more manageable, it is possible for you to get a handle on your holiday credit card debt. Here are ways to eliminate your debts.
1. Create a plan
If you want to pay off your credit card debt as fast as possible, Consumer Reports suggests creating a plan. Write down your minimum payments and monthly expenses. Determine the amount of extra money you have leftover. If it is not enough to make a difference, look for ways you can eliminate excess spending. Calculate how much money you can comfortably push toward your credit card debts.
2. Pay more than the minimum
If you can afford to pay more than your minimum payments, do it. If not, or you are having trouble keeping up with them, contact your creditor to see if they can lower them, defer a few payments, or other options to make it easier for you not to default on your accounts.
3. Put your credit cards away
You may be using them to help keep you afloat financially, but until you pay them off, you are creating more debt that you may not be able to pay. Put your credit cards away so you are not tempted to use them. A good rule of thumb is if you cannot afford to pay something off right away, you might not need to purchase it.
If you cannot afford to pay off your debt and need guidance on how to get your financial situation under control, speak with a qualified attorney.