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Post Holiday Debt Tips

Do you have leftover debt after your holiday?

A good many people do. We become slightly unhinged when it comes to spending when we are on holiday. We lose all reasoning and spend beyond our budget.

And of course we haven't saved up for these expenditures. We may even still be in debt from last year's holiday.

Stop

Well it is time we stopped. We must stop spending and start budgeting.

It is time to find out exactly how bad our financial situation is and how far out of hand our spending habits have gotten.

Step By Step

Get a pencil.

Write down your income.

Now list payments you must make.

Estimate the variable payments and include dinners out, a trip to the pub, a show or whatever your luxuries include. Don't forget to average annual payments and include your emergency expenses such as car repairs etc.

Deduct all of these expenses plus a minimum amount for each credit card or loan leftover from the holidays.

You should have an amount left over. If not you have little chance of paying off your debt as it stand without consolidating into one payment with lower interest or learning to budget and reduce some of the amounts on your expense list. Possibly both.

If you had an amount left over and you are going to maintain multiple payments put this amount toward the account with the smallest balance, to reduce the amount of payments or the one with the highest interest to pay less. If you are consolidating this amount, plus your minimum payments, can go toward your new consolidated loan. You should be able to pay down your debt and save for your next emergency, trip or holiday expenditure. You may however still have to stop and think before you make a purchase to see if it is really needed, or if you can "make do" without it. Give it time, you may be glad you didn't make the purchase.

If at this point, you feel that you need help with consolidating your debts, we can help. Simply call us now on the telephone number above (during our open hours) or fill in our no obligation 24-7 application form here, and we can help with your debt consolidation.

Holiday Money

For more information and tips on holiday money and financing, please click here: Holiday Money

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