(InvestigateTV) — If you overspent during the holidays, you’re not alone. A recent survey by NerdWallet found that 28% of credit card users are still paying off 2023 holiday debt.
Leslie Tayne, a debt relief attorney, stressed the importance of taking action now to avoid repeating the cycle next year. She advised starting with a clear understanding of your current financial situation.
“Open up all of your credit card and financial statements, look online, and check your dashboards,” she said. “See where your money has gone and make a plan.”
Being proactive is key, Tayne emphasized.
“If you wait until the last minute in opening those bills and paying those bills, you could end up carrying those balances over to additional months,” she explained. “Therefore, having interest and potentially late fees on top of the balances you already owe. So, be on top of the bills. Be proactive about it even if your bills aren’t due until the end of the month, it’s always a good time to check in.”
To tackle lingering holiday debt, Tayne suggested focusing on the first quarter of the year. Reassess your budget and identify areas where you can temporarily cut expenses.
“Budget early, know what you can and cannot spend and tighten up where you can, so you can pay more towards credit card debt that you might have racked up in 2024,” she said.
Planning ahead for next Christmas is also essential, Tayne noted. By setting aside money now, you can create a dedicated fund for holiday expenses, making December 2025 less financially stressful.
“It’s an expected expense you know you are going to have next December,” Tayne said. “So, building up a fund for it now will help you in 11 months.”
The new year is a great time to reevaluate your financial habits and set yourself up for success. With early planning and a proactive approach, you can enjoy the holidays without the burden of debt.
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