The pressure to spend over the holiday season can be huge. All those gifts, all that food, maybe travel and accommodation…
The bill has a way of racking up in the blink of an eye.
For many Kiwis, this means they are forced to go into debt to get through the festive season.
Whether it’s overdraft, credit card, borrowing from family or getting a loan at the bank, many of us look at our account once the holiday’s over and get a nasty shock.
If that’s you, read this quick guide on how to tackle any debt hanging around from Christmas 2019.
Focus On This Quarter First
If you’ve taken on debt specifically over the festive season, it might pay to prioritize getting rid of it in the first quarter.
In other words, if you want to get back to the financial position you were in before Christmas and New Year, use the first three months of 2020 to pay off the debt you got into.
That way, by the end of March, you’ll be back to where you were in late 2019, debt-wise.
Remember, any progress is better than no progress.
Even if you can reduce your debt by 10% or 20% over the course of the quarter, you’re on the right track.
If You Are Struggling With Multiple Debts, Try Condensing Them To Lower Your Interest Payments
We can’t stress this one enough.
If you’ve got debt spread across credit cards, loans, overdrafts facilities and so on…
It often helps to consolidate those debts down into a single loan.
It’s called debt consolidation and — depending on your circumstances — it can help you lower your repayments and pay off your total debt faster.
Loanplace specializes in helping Kiwis assess how much less they could be paying week to week on their debt.
Talk to us today about a debt consolidation.
Make A Resolution To Not Be In Debt This Time Next Year (And A Plan To Make That Happen)
The great thing about a new year is you can start doing small things today which, 12 months from now, could put you in a much better situation financially.
What sort of things?
The boring, but important, kind.
Like setting a budget, saving some money to avoid borrowing under stress next Christmas, and…
Paying off or restructuring your current debt.
If you have any questions about obtaining fast, fair finance, we’re always happy to help.
Get in touch with us on 0800 461 228 or email us directly at [email protected].