How to Pay Off Holiday Credit Card Debt Quickly

   2020-05-22       31        Finance
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You’re now looking at your bank statements and credit card bills with wide eyes, and the amount of cash you’ve blown this past December is finally starting to sink in.

You’re now looking at your bank statements and credit card bills with wide eyes, and the amount of cash you’ve blown this past December is finally starting to sink in. It gets you wondering: What can I do to pay off holiday credit card debt quickly? 

It can be very scary to go into the New Year with a hefty credit card debt weighing over your shoulder. For too many of us, the cycle of credit card debt starts in the holiday season and it’s the type of debt that’s difficult to recover from. When you only make the minimum payments and the interest charges continue to increase over time, it will take much, much longer to pay it off and you could end up paying triple what you originally paid for the item that you bought.  In fact, it’s not uncommon to hear of people who are still paying down holiday credit card debt two or three years later, says Jeffrey F. Schwartz, executive director of Consolidated Credit Counseling Services of Canada. 

It’s all too easy to go overboard during the holidays – just dip into your credit card, enter its numbers at the checkout and you’ve got your purchase done. The ease of credit availability is why Canadians, particularly millennials, love to use credit cards during the holidays. Over a third of Canadian millennials expect to go into debt this holiday season, according to a survey from Credit Karma. Add to this, 62% of Canadian millennials will rack up more than $500 in debt over the holidays with most of them planning to do this with credit cards, and some by using personal loans.Those surveyed also said that it would likely take them five months or more to pay the debt off. Only 42% of shoppers said they would pay off that debt in three months or less. 

“What we’ve seen in Canada over the last year and a little bit is that Canadians are having a tough time meeting their obligations on their credit card…recent research by financial institutions indicates almost half a million Canadians are behind in their credit card payments by 90 days or more,” says Schwartz.If you’ve acquired a post-holiday debt problem, what you can do now is make a commitment to pay off holiday credit card debt quickly so you can become financially healthy in the new year. Here’s

how you can do it:

Audit your credit card debt

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You’re now looking at your bank statements and credit card bills with wide eyes, and the amount of cash you’ve blown this past December is finally starting to sink in. It gets you wondering: What can I do to pay off holiday credit card debt quickly? 

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Nelson Butcher

CCR is a regional full service Collection Agency Ontario licensed and bonded under the Collection Agencies Act of Ontario whose main area of service is the province of Ontario. While reciprocal arrang..


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