The holidays are coming to a close and most of the gifts that you purchased have already been given to grateful recipients. Now the bills are going to start rolling in and you may already be regretting what you spent. So what can you do once the damage has been done?

First of all don’t buy anything else! The first step to getting rid of debt is to stop spending. Make a financial diet a part of your new years resolutions. Look for small expenses to cut back on that may be adding up to more than you think like coffee shop coffee or magazine subscriptions that often go unread.

If you feel like you have to have a credit card for “emergencies”, limit it to one. Once your debt has been paid off only charge what you can afford and pay off the balance each month. Choose a credit card that offers a benefit like airline miles or cash back rewards. If you are having difficulty paying all your bills make sure to pay your mortgage first, then contact credit card companies to see if they will work with you to find ways to lower your payment and pay off debt sooner.

If you continue to have financial trouble and need help contact Consumer Credit Counseling Services at 1-800-878-2227.

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