MONEY MONDAYS:Bouncing Back from Holiday Credit Card Spending
According to research, shoppers spend an average of over 1,000.00 on their credit card during the holiday season. Many struggle financially months after the season has pass. Some still making the effort to pay for the balances from the previous holiday spending spree. A good efficient budget will enable you to take control of that debt. Check out some quick tip advise that can guide you on the path.
- Create a payment schedule: Gather all your statements and ask yourself the following:
- What is the credit card balance?
- What is the interest rate?
- What is the minimum payment due?
- What percentage of your balance is required for a minimum payment?
- Review your budget: Send as much as you can consistently to your creditor, but keep in mind that to pay off that debt sooner you will have to pay more than just the minimum payment due. Doubling or tripling your minimum payment (Decide what you can afford) will shorten your time in owing the debt and save you money by paying less interest over time. Consider reallocating your budget, cutting back in areas throughout your budget and apply that amount towards the credit card debt.
Category: Divalicious Blog of the Week, Lifestyle, Money Wise, Motivation and Inspiration, Organize Your Life, Savvy Savers
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About the Author (Author Profile)
Colethea Jenkins is a Securities Licensed “Financial Coach” with over 15 years of strong Banking, Insurance, and Investment Advisory experience. Colethea specializes in money management, Wealth Accumulation, Tax savings strategies, and Private Equity Investment Advisory. Colethea is also the Chief Financial Officer-Board of Director for Intercede Consultants, LLC., President of “Build Grow and Enjoy Radio” which seeks to promote financial literacy by globally empowering our communities. In addition she is the founder of The Annual Keystone Leadership Awards Ceremony. Colethea is very skilled and talented. She has a well rounded financial background qualifying her to share her expert abilities by educating and teaching everyone. Follow Colethea @ ww.buildgrowandenjoy.com