For many, the holidays bring an uptick in credit card usage. Are you still stuck paying off those holiday expenses? Here are a few ways to pay off holiday debt faster.
More Than the Minimum
Paying the minimum on a credit card is not an effective strategy. It takes much longer to pay off your balance, and you end up paying significantly more to do so with the interest charges. If you have the means, consider paying at least double the minimum each month.
Card in Cupboard
If a credit card balance is uncomfortably high, there is no reason to have the card in your wallet. Keep the credit card with the lowest balance on you in case of an emergency, and put cards you wish to pay down away in a safe place at home for the first few months of the New Year. This will help prevent any additional unnecessary credit spending that might “max out” a card.
Introductory rates can help you save on interest charges. For example, Spencer’s Visa Platinum Card comes with an extended introductory rate to help you pay down other balances. To learn more about Spencer’s many credit card options designed to help consumers enjoy greater financial flexibility, visit spencersavings.com.