Thursday, January 23, 2020

When HO-HO Turns into Oh No No!: Dealing with post-Christmas credit card debt




What to do when you open up the credit card statement to only find that you spend way too much for Christmas gifts? It is almost like little gremlins came out and used your credit card when you were sleeping. According to financial expert Derek P. Bliedung of the Columbus Financial & Success Coach. What you do when you find yourself in that situation is to keep claim. Take 3 large breaths, and think what is my next move.

The next move can you afford to make the minimum credit card payment? If you find the minim credit card payment will exceed your budget. Here are something you can do correct the problem:
  1. You can try to reduce expenses, going on a budget and see if there are ways to reduce household expenses such as smartphones, cable tv, insurance, food ect. If you are on maximum saving already, go to the next step.
  1. You can try to use your talents and get join the gig economy, where individuals can outsource your own specialized talents. 
     
  2. Short term employment or the old school part-time job to pay off the debt. There is a web site like Shortstints or Flexjobs where you can search for short term employment opportunities. 
     
  3. You can try a lower interest with debt condensation loan to bring the payments into a manageable level for your budget.
  1. Credit counseling is where you renegotiate the terms of your loan and placed it into a repayment plan. You will not have the use of your line of credit or no longer can use your credit card(s).
  1. You can consult with a professional financial coach to evaluate your situation and make personal recommendations based on your situation.

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