{"id":6964,"date":"2022-02-01T20:27:55","date_gmt":"2022-02-02T01:27:55","guid":{"rendered":"https:\/\/pierreroy.com\/?p=6964"},"modified":"2022-02-01T20:27:55","modified_gmt":"2022-02-02T01:27:55","slug":"paying-off-your-holiday-credit-card-debt","status":"publish","type":"post","link":"https:\/\/pierreroy.com\/en\/2022\/02\/paying-off-your-holiday-credit-card-debt\/","title":{"rendered":"Paying Off Your Holiday Credit Card Debt"},"content":{"rendered":"

The holidays have passed, the most wonderful time of the year has gone, and you find yourself only with happy happy memories\u2026 and added debt. As if that didn\u2019t put enough of a damper on things, you\u2019re having more and more trouble paying it off. No one should have to deal with debt after the holidays \u2014 especially since they\u2019re supposed to help you relax and lift your spirits after having worked hard all year! That\u2019s why, below you\u2019ll find helpful tips for paying off that pesky holiday debt!<\/p>\n

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Choose a Debt Payoff Method<\/h2>\n

Once you\u2019ve made the decision to confront your debt head-on, the next step is to choose your debt payoff method. There are many debt payoff methods, but the two most common ones are the avalanche method and the snowball method. Although both have their benefits, the one that is the most beneficial in terms of paying less in the long run is the avalanche method. On the other hand, the one that has the most psychological benefits is the snowball method. Keep in mind that as long as you\u2019re paying off your debt, you\u2019ve made the right decision, whatever method you ended up choosing.\u00a0<\/span><\/p>\n

Avalanche Method<\/h3>\n

The avalanche method involves tackling (or putting more money towards) the debt that has the highest interest rate. The reason you\u2019d want to do this is because, the more you put on that debt, the faster your interest will decrease. And the more your interest decreases, the less you\u2019ll have to end up paying in the long run. While you\u2019re focusing your payments on the card with the highest interest rate, don\u2019t forget to pay the minimum payments on your other cards.\u00a0<\/span><\/p>\n

Snowball Method<\/h3>\n

The snowball method is the opposite of the avalanche method. Like the name of the method suggests, it involves tackling the smallest debt. Although you may not see any financial benefits to this like you would for the avalanche method, the snowball method has some great psychological benefits. Because you\u2019ll be paying off one of your balances at a much faster pace than you would with the avalanche method, you\u2019ll be feeling a lot more accomplished, which will give you the motivation you need to keep going!<\/p>\n

Consider a Balance Transfer Card<\/h2>\n

A balance transfer card<\/span><\/a> is a great choice for those that have to deal with very high interest rates. What\u2019s great about balance transfer cards is the they usually come with a promotional period that offers 0% interest for the first twelve months. That would save someone a lot in the long run if they have high interest rates on their debts. There are, however, a few things to consider before making the decision to get a balance transfer card.<\/p>\n