Holiday spending: The best ways to pay off your debts

Friday, January 3, 2020
Now that the holidays are over, you could be stuck with debt from too much spending. Here are some tips on how to financially recover and pay off that holiday debt.

First, develop a plan and see what bills have high-interest rates, and pay those off first.

Next, at least pay the minimum amount owed to avoid extra fees, but if you can, you should pay extra to get that debt down faster. Also, put away your credit cards and stay out of stores to avoid any impulse buys and adding more debt.
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If you're looking to take out a loan to pay off that debt, make sure you don't fall for predatory loans. These are typically found online and it's when companies offer loans with deceptive or unclear terms and end up leaving the borrower even deeper in debt.

Alyssa Parker with the Better Business Bureau of Eastern North Carolina says, "The best advice that we can give you is just be aware of what you're signing and know all of the fine print, the terms, and conditions that are applied with this loan."
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Another key to paying off the holiday debt is to know how often and when payments must be made. You don't want to be late, as that only adds more fees.
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