Pay Off Holiday Expenses

NEW YEAR FRESH START M Tips to Pay Off Those Extra Holiday Expenses As the Christmas cheer begins to fade, the New Year resolutions set in. ALONG WITH YOUR FIRST CREDIT CARD BILLS, DON'T PANIC. KNOW WHAT YOU OWE. COLLECT ALL YOUR STATEMENTS AND BILLS, (3] Add up the Make sure you know balances. the interest rate for each balance. UMAKE A PLAN. IF YOUR DEBT IS ACROSS MULTIPLE CARDS: " Start paying off the highest interest balances first. Pay the minimum on other balances so you don't get behind. IF YOUR DEBT IS ON ONE CARD, MAKE MORE THAN THE MINIMUM PAYMENT. 3) If you have $1,000 at 20.99% APR: [2] A minimum payment of * $20 A MONTH will pay the debt in COSTING YOU 10 years $1,395 in interest. A payment of * S110 A MONTH will pay the debt in COSTING YOU 10 months $99 in interest. AND, IF YOU START IN JANUARY, GETTING YOU OUT OF DEBT BEFORE THE NEXT HOLIDAY SEASON. A payment of * $200 A MONTH will pay the debt in COSTING YOU 6 months $56 in interest. INTEREST I used the calculator at federalreserve.gov/ creditcardcalculator. CALCULATORS ARE EVERYWHERE ONLINE- 3565.99 all you need is your balance and your APR. CASH IN ON CREDIT CARD PERKS, M If your card rewards with IF YOUR CARD DOES points or miles, Check the redemption rate. CASHBACK, Put those reward dollars toward your balance. $ might return fewer dollars than you'd get for using them to purchase rewards. TRANSFERRING THOSE POINTS TO A STATEMENT CREDIT RETURN GIFTS YOU DON'T WANT. M CHECK RETAIL AFTER-CHRISTMAS RETURN PERIODS. Bring the gift receipt if you have one. Trade for cash. IF YOU'RE ISUED A STORE CARD WITH CREDIT AND YOU DON'T SHOP THERE: O PlasticJungle.com Websites like: Cardpool.com WILL TAKE THEM. gi GiftCardGranny.com NEGOTIATE YOUR RATE. (3) THE WORST THEY CAN DO IS SAY CALL your credit card company "NO." SPEAK with a supervisor if necessary. CONSIDER BALANCE TRANSFER CARDS. (3) TRANSFER YOUR DEBT FROM ONE CARD TO ANOTHER. These cards have a low for a short period (usually 6 months). interest rate (between 0-5%) Make sure you know what the interest rate becomes if you can't pay before the grace period ends. JUSTOP USING YOUR CREDIT CARD UNTIL YOUR BALANCE IS PAID. OR AFTER. When you're paid off, consider taking that credit card payment you were making and transferring it to a savings account. You might thank yourself later. If You're In Overwhelming Debt, Speak With A Credit Counselor. SPEEDY CASH BROUGHT TO YOU BY SOURCES [1] http://business.time.com/2012/01/09/5-tricks-to-ditch-that-holiday-debt/ [2) http://www.federalreserve.gov/creditcardcalculator/ [3] http://helpsavemydollars.com/5-tips-for-paying-off-holiday-debt/