Santa was not so kind to your friends and relatives this year, so you felt the need to fill the gap. You overspent on holiday gifts, and now you are stuck with a significant amount of holiday debt. Gratitude from gift recipients is a great feeling, but gratitude is not going to pay off your MasterCard bill.
What do you do? Start with the classic bit of advice – “if you are in a hole, stop digging.” Recognize that you overspent, and freeze your spending until you can take the following steps.
How to Reduce Holiday Debt
- Assess the Situation and Rebalance the Budget – Face up to your debt and total up the damage. Rebalance your budget to account for this new debt, and look for any budgeted spending that you can temporarily drop. You will need to eat out less often and delay other discretionary spending until the debt is reduced. (Of course, if you do not have a budget,
from MoneyTips http://www.moneytips.com/dealing-with-holiday-debt
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