NEW YORK ( LowCards.com) — Holiday shopping is a wonderful experience — until the credit card bills start rolling in. Once the joy of the giving has passed, you stare at the painful task of paying the bills. There are several ways to recover from holiday credit card debt to get back on your financial feet.
Prioritize your payments
A handful of credit cards give you the opportunity to skip a payment in January or February. If one of your cards has this option, focus on paying off more of the balance on your other cards.
If you have one credit card with a higher interest rate, make the minimum payment on the low interest cards and apply as much money as possible toward the principle on the high interest card.
Consolidate your debt
If you have accumulated credit card debt on multiple cards, you may want to consider consolidating all of your balances into one card or loan. In doing this, you have to compare the fees of the transfer to your current interest payment. If you already have low interest rates across the board, it may not make sense for you to consolidate. You just need to make your payments on time.
Consider the balance transfer fee on any card you use for consolidation. This is a fee that is added to whatever balance you are bringing over from another card. A handful of cards, such as the Chase Slate card, have no balance transfer fee if the transfer is made within a certain period. In this case, you can transfer the balance without incurring additional expenses.