The holidays are full of joy, laughter, family, and of course gifts. However joyous it may be, holiday debt is a major expense that can set many people back before the new year even begins. Still, there are a few steps you can take to chip away at holiday debt, such as choosing a payment strategy, evaluating your credit score, and opting for a debt consolidation loan through Lendah’s extensive network of loan providers.
Pick a Payment Strategy for Holiday Debt
A general rule of thumb when paying off debt is to clear the credit cards with the highest interest rates first, before moving onto smaller debts. However, this isn’t always easy to do. If this strategy proves too difficult, look at your smaller balances first so that you can make immediate, noticeable progress towards paying down your holiday debt. While it’s suggested that your payments exceed the minimum, it’s more important to ensure that you make timely payments to protect your credit score from falling.
Evaluate Your Credit Score for Progress
Once the holidays have come and gone, it’s wise to get a credit score for an idea of where you stand financially. Gifts, vacations, and family feasts have a way of putting a dent in the wallet, so you should know where you stand come January. It’s suggested to get another credit score after taking some time to pay down your debt, so that you know where you land in the “range of risk.” Once you know how your credit has been impacted by holiday spending, you can also devise a savings plan to follow for the rest of the year, or use that information to decide whether a debt consolidation loan is a preferable option.
Consider a Debt Consolidation Loan for Quicker Pay-Offs
Holiday debt has a way of setting many people back financially come the new year. If you’ve stacked up a healthy amount of credit card debt this past holiday season, Lendah is here to help you pay it off as quickly as possible. Since debt consolidation loans typically offer lower interest rates than credit cards, and all in one payment, you can pay off your credit balances faster and without the stress of multiple debts. If your monthly minimum payments are getting unmanageable due to holiday debt, consider getting started with Lendah to start chipping away at your outstanding balances and financial stress.
In most cases, larger monthly payments towards a personal loan translates to more money saved by avoiding high credit card interest rates. If you have any further 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.