How can you get ahead of debt after the holidays?

Feeling the grip of debt after the holidays? You’re not alone. In fact, many people spent more than they wanted to or have buyer’s remorse. Without returning the items, all you can do is look to the future and make decisions on how to address this debt. Here are a few ways to get ahead.

What’s the first step to take?

First, make a budget. The more you plan your money out, the less you’re likely to overspend. Keep track of how much you’ve spent and make sure you re-evaluate how much you need as time passes.

Who needs to know about the debt repayment plan you have in mind?

Next, talk to your spouse or anyone who shares in the finances in your home. You both need to be on the same page to start paying down debt. It can be hard to do if one person is spending the extra money that has been saved, so make sure you discuss exactly what you expect.

What if you need to make other purchases on credit?

Remember not to add debt you don’t need. You don’t need to spend money to save money. Just because you see a good deal doesn’t mean it’s saving you money. Instead, you’re spending money on something you don’t need. If it is something you need, look for the lowest prices including using coupons or other savings techniques so you can spend as little as possible. Take any extra money you save on the purchase and put it toward the debts you’ve accrued in the past. Your attorney can help you negotiate with your creditors to reduce your interest rates or amount owed if you can pay in full or a large lump sum.

Source: Bankrate, “7 tips to beat the post-holiday debt blues,” Marcie Geffner, accessed Dec. 29, 2016