Reducing your post-Christmas Credit Card Debt

No-one wants to start the New Year with a lot of debt hanging over their head. If you regularly have a Christmas Credit Card Debt that you have trouble reducing quickly, you will find these tips will help get that balance down quick smart!

The year 2009 has been a rather horrific financial year for most people so if you can start 2010 in a better state you will be much better off.

Reduce your Christmas debts by followig these steps:

Set up a post Christmas household budget including paying off your credit card. The holidays are over so tighten the budget and get the debt paid off as quick as possible. It all helps. Set a goal to pay it off in the first 3 payments and you will be reducing the interest considerably.

Set a goal to stop using your credit card until you have the balance paid off

Open up a high interest savings account for the following Christmas and include in your budget, weekly payments into it the savings account.

Start buying presents as early as September and start buying tinned and frozen food in October. By spending a little on food each week you will not have to buy a lot of your staple products prior Christmas and the Christmas food expenses won’t cut into your budget too much. Bake early and freeze so that the expenses are not all in the last few weeks. If you can stock pile food before Christmas the January food bill will be cheaper and you can pay the surplus off your Christmas credit card debt.

Consider transferring your credit card balances on to a new balance transfer credit card