3 Tips to Avoid A New Years Credit Hangover
You don’t have to have a scary credit card hangover in January. Imagine a world where your January credit card bill was manageable? Or maybe even $0? It’s possible. It’s not simply for financial dreamers.
Here are three ways to make that your January financial reality:
Avoid Credit Cards Entirely.
Can’t stop impulse buying? Leave your credit cards at home when you shop. Have somebody hide your cards. Freeze them in a block of ice if you must. Stick to debit cards and cash (or, if you prefer, a prepaid credit card), and only take a set amount with you.
Lower Your Credit Limit.
This isn’t the best choice, as it implies that you’ll max out your credit cards and harm your credit score – but if that’s what it takes to avoid overspending, a lower credit limit could be worthwhile.
Optimize Online Purchases.
Online deals such as free shipping can make up for a slightly higher price – and failure to take all taxes and shipping charges into account may push your spending higher than you realized. Double-check all charges and grand totals before the final click of acceptance.
Bonus Tip: Start off on the right foot next year. Ok, so maybe you’re thinking this year is a lost cause. But, the good news is, you have all of next year to save up. The holiday season will come again. Saving up for the holidays over the course of the year is one of the oldest tricks in the book but people don’t often implement this amazing stress-free strategy. It works and will leave you excited for the following holiday season.
If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.