Has your credit card been working harder than Santa Claus this holiday season? Between all the holiday shopping, dinners with friends and family, New Year's champagne, and countless other expenses during the most wonderful time of the year, you may have run up quite a tab on your credit card. We're here to help you tackle it.
First things first, you’ll want to face the damage head-on. Take stock of how much was spent, and it’ll be all the easier to recoup the damage. Go through your expenses for the last few months one by one, and you’ll be able not only to tally it all up but see what charges didn’t make sense to make in the first place. It can help you be more cautious going forward!
Check-in on the state of your credit score. If you’ve racked up a heavy balance, you can hurt your score which can prevent you from making large and important purchases further down the line. If you have a good or excellent score, you’ll be able to call your card company and request that they reduce your APR or increase your credit limit. If your credit score isn’t high enough to qualify for a zero-interest balance transfer card, your next choice could be debt consolidation. If you’re significantly in debt, reach out to Madison Monroe and Associates and our team would be more than happy to advise you.
Once you’ve taken stock of the situation and all your options, the next step is to create a plan ana d budget for yourself. Figuring out where you can save money and use it to repay your bills will be crucial. Make sure you are aiming to pay off your highest-interest debt first and then move your way down to the debt with the lowest interest. It’s easy to get bummed out and give up on this slog, but keep at it! Financial freedom can feel better than you ever imagined and the holiday season for 2023 here will be here before you know it. Follow all these steps, and you’ll be ready!
If you are concerned about money due to a considerable amount of debt, there is help available. Here at Madison Monroe & Associates, we act as a partner to help you eliminate debt and get back on the path to financial freedom. Don’t hesitate to reach out to Madison Monroe & Associates at help@madisonandmonroe.com or call us at (877) 346-2797.