As we enter a new year, you may have fallen deeper into debt in the aftermath of your holiday spending. You may want to fulfill everyone’s holiday wishes, but that decision comes at a price or, most likely, in the form of burdensome credit card debt.

But don’t worry! We’re here to offer some advice to help you take control of your finances and get prepared before the next winter season rolls around. Below are our best tips to avoid credit card debt next holiday season, and throughout the year. 

Cut Back Expenses

One tip to avoid credit card debt is cutting back on extraneous and miscellaneous spending. We understand that your income may not be what it used to be. If you’re struggling, we suggest that you assess where you can cut back on expenses to trim up a budget. It may sound easier said than done, but your budget can only benefit from the reduction of unnecessary spending. With some motivation, you can turn this into a new habit that will save you more and help you avoid credit card debt throughout the year.

Related Article: Everyday Habits That Get You Out of Debt Quicker

Have a Savings Plan

Once you’ve gotten into the practice of budgeting and spending within your means, you’ll find it easier to manage your income. After weeks of budgeting, you may find that you have more money in your account. While it may be tempting to spend money after withholding for some time, stick to your guns and you won’t regret it!

You can choose to pay off credit card debt with that income, but our suggestion is to split that money to pay off debt while also saving money. If you use all of your savings to pay off credit card debt, you’ll have no cushion to fall back on in the event of unplanned incidents. That means if an emergency happens, you’ll be forced right back into charging up that credit card.

Purchase Gifts Months Before

Gift-giving is a yearly tradition for many during the holidays. However, it can also be the Achilles heel of your spending habits. If you plan to purchase gifts for your loved ones next holiday season, we recommend making those decisions sooner than later. When you begin your holiday shopping in advance, you have time to recuperate instead of overspending all at once. This eliminates the need to use a credit card and rack up debt.

Get a Debt Consolidation Loan

Our last recommendation is to take out a debt consolidation loan. This option allows you to pay off what you owe over time without going out of your budget. Even better, you can save money over time through lower, fixed interest rates. Making payments is easier and you can get out of debt sooner with your savings! Consider a debt consolidation loan as a tool to help you improve your financial situation not just for the holidays, but all year round!

If you have questions about debt consolidation loans, speak to our team of knowledgeable professionals. Our compassionate loan matchmakers will find the best terms tailored to your unique situation with fast approval and rates starting as low as 3.84% for amounts up to $100,000. 

Get started today on our website. Prefer to talk in person? Call us at 833-453-6324 and we’ll get you connected immediately with one of our loan experts.