6 tips for paying holiday credit card bills

Holiday debt weighing you down? You're not alone. CreditCards.com's Dana Kochnower took to the streets of New York City to talk to Americans about their best tips to paying off holiday debt quickly -- and avoiding the holiday debt trap for next year.

TRANSCRIPT
Voiceover: Spend a little too much this holiday season? You're not alone with stores offering deep discounts to lure in shoppers well past Christmas...

CreditCards.com: Do you have a budget this holiday season?
Woman: Yes... yes...
CreditCards.com: Are you sticking to your budget?
Woman: Trying to... I really don't shop with a budget... shopping, shopping... do we have a budget?

Voiceover: And if you paid with your credit card, those bills are just about due. We hit the streets of New York City to ask people for their advice on how to get rid of that holiday spending hangover.

Woman: Oh, you're talking to the wrong person. I never have a plan for paying off bills ever...

HOLIDAY DEBT TIP: PAY DOUBLE WHAT YOU USUALLY PAY
Woman: I try to pay double what I pay a month after Christmas. So if I usually pay $50, I try to pay $100 from like January through spring

HOLIDAY DEBT TIP: SET A GOAL WITH A DEADLINE
Woman: I usually try to do it in three months after Christmas

HOLIDAY DEBT TIP: PAY MORE THAN THE MINIMUM
Woman: I spend a little more to pay back than just the minimum I try to work it down to next to nothing

HOLIDAY DEBT TIP: USE YOUR TAX REFUND
Woman: I get a tax refund every year so I use that

Voiceover: Once you have last year's bills paid off, it's never too early to start planning for this year.

HOLIDAY DEBT TIP: START SHOPPING MONTHS IN ADVANCE
Man: Do things way in advance -- two, three months out, if possible -- before you actually get to the holiday. I think you're inclined to spend more money as you get closer to the holidays.

Voiceover: But the best advice we found was the oldest

HOLIDAY DEBT TIP: IF YOU CAN'T AFFORD IT, DON'T BUY IT
Man: Spend what you have. Live within your means.

Man: If you can't afford it, don't buy it.
Woman: Exactly. If you can't afford it, don't buy it

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Howto & Style

Tags:

• holidays
• holiday shopping
• credit card debt
• christmas
• credit card
• credit cards
• hanukkah
• new york city
• tips
• advice
• money
• personal finance