Were you shocked by your latest credit card bill? It can happen to the best of us, we go a little overboard with our spending around the holidays. Don’t panic! There are some smart ways you can control debt after the holidays.
Post contains affiliate links.
When you are faced with new debt, it is always a good idea to cut back on luxury expenses. Cut back on those daily lattes, eating out, and apply what you would have spent to your debt.
By cutting back on luxuries and applying the following tips, you should have your debt payed off in no time.
Use your Gift Cards
If you got some gift cards as holiday gifts or stocking stuffers, make sure you use them! Use them to pay for your weekly groceries or to take care of that daily latte habit instead of spending money from your bank account.
If you got one that you really aren’t going to use, don’t let it go to waste. You can actually sell your gift cards for cash on sites like Raise.
Earn Extra Money
If you really want to get the debt payed off fast, you have to find ways to make some extra cash.
I have several posts about how to make money from home that anyone can do. I’ve actually done a few of these myself and was able to use the extra cash for a vacation. You can use it to pay down your debt.
Pay off Highest Interest Rate First
Try to focus as much of your income as you can on your bill with the highest interest rate. This may mean that you don’t pay as much on your student loans (which have lower interest rates) so that you can pay down this new bill.
Still pay every bill but put the extra toward the one with the highest rate until it is payed off. Do this until you get down to one final bill!
File your Taxes Early
Once you get all of your tax documents together, file them as soon as possible. Once you get back your refund, put it towards paying down your credit card debt.
Learn New Tactics
One thing that really helps people pay off debt quickly is just knowing where to start. It can be so overwhelming and frustrating that people don’t want to deal with it.
Arm yourself with the knowledge you need. There are actually two courses available that I love recommending to people who are struggling with debt.
I like recommending two because it gives you more options depending on exactly what you want to know and how much you are wanting to spend on a product.
My favorite is the Awesome Money Course from Chris Peach who payed off $52,000 in debt! He gives you the exact tools you need to take control of your finances once and for all.
There are some amazing testimonials and you can even check out the modules to see exactly what is included as well as all of the bonuses that he is offering.
There is a payment option if you are interested in purchasing this product as well as a 30 day money back guarantee.
The other course that you might want to look into is Debt Free in 18 Months. This course is only $67 and gives you the tools and tips that they used to pay off $52,000 in 18 months.
The course also includes a 30 day money back guarantee as well as bonuses. You can see what all is included and hear their amazing story here.
Being able to control debt is so freeing and can really change your life. It is worth the investment to make sure you have the knowledge and the tools that you need to get it done once and for all.