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Time to get you holiday debt under control

During the holidays, many Pennsylvania residents go into debt in order to make their loved ones happy with lavish gifts. Travel expenses can also come into play and result in a hefty credit card bill that is difficult to pay down after the holidays have ended.

Because credit cards have such high interest rates, it is vital to pay them off right away, or the debt will continue to be stagnant on your billing statement. One way to pay off your bills is to start making your debt repayment plan now, at the beginning of the new year, and make sure you stick to it.

For many, the planning part is the easiest and the "sticking to it" is the most difficult. In fact, only about 33 percent of Americans follow through with their new year's financial goals.

What's the best way to tackle your Christmas debt? When drawing up your debt payoff strategy, make sure to prioritize your credit cards because credit card debt is one of the worst to have on your record. Reduce your real estate debt and student loan debt payments to the minimum required until your credit cards are paid off because student loans and mortgages are generally considered "good debt" and not harmful to credit ratings. Finally, focus on your highest interest rate credit cards first, since these are the most expensive for you to hold onto.

With a good plan that you stick to, your holiday credit card debt should be taken care of in no time. However, if you do find yourself overwhelmed and unable to make any headway on your debt, then you might want to speak to a Pennsylvania debt management or bankruptcy attorney to discuss more powerful debt resolution strategies.

Source:, "Managing your holiday debt in the New Year," Samantha Harrelson, Dec. 29, 2015

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