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Tips for Dealing with Debt after the Holidays | Business

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Tips for Dealing with Debt after the Holidays
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1.) Change your budget

 Now that the holidays are over and you are facing your holiday bills you may want to re-evaluate your budget to see where you can cut corners to apply more money to your debt. This may mean eating out less and going out to the movies less often.

 2.) Don’t keep using your credit cards

 As you pay off your credit cards, put them away and keep them out of your wallet. Do not use your cards for frivolous expenses, no matter how small they may seem. These small purchases can add up fast! Don’t fall into the trap of reusing your cards or you could get stuck in a cycle of working to pay them off after using them unnecessarily.

 3.) Pay More than the Minimum

 When you get the credit card bill, don’t just pay the minimum. Pay as much as you can toward the balance. The more you pay at once, the more interest your knocking out and avoiding.

 If you went a little overboard last year, take this lesson with you into this year. Debt is easy to accumulate and hard to pay down. Ask yourself if those purchases are really worth the time it is going to take to pay them off.

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