The Christmas Hangover

In the next two months a series of unwanted letters will be coming to homes across Australia. Credit Card Bills. The reality is that unless you take action early these bills are not going anywhere making next Christmas even harder.

Here are some simple tips that might just help lessen the impact:

• Can you transfers your balance to other card on an interest free basis? This is not to advocate taking out more credit and it is imperative that if you are able to transfer balances you cancel your other card immediately.

• Don’t just make the minimum payment. Your card balances are not going anywhere if you do.

• Don’t spend anymore on them! This may seem common sense however many people continue to in the belief that the money they are not spending from their wage they can use to pay other credit cards. More often than not this does not happen leading to balances increasing further.

• Set yourself realistic targets. Rather than saying to yourself that you are going to try and pay all of your card off why not try and pay a portion off? For example, perhaps say that in 6 months you are going to pay off 40% of the balance.

If, even before your Christmas spending you were over committed you may find that your next set of bills are the ones that tip your finances over the edge. If this is the case you may wish to consider seeking professional help with your finances. Australian Debt Solutions can help you further. Simply visit our website www.ausdebtsolutions.net and if your require assistance simply leave your details and one of our advisors will call you back.