Easy-to-use holiday debt pay-off strategies

ATLANTA - Gift-giving is fun. Most of us enjoy this. It's the bills that roll over in January that are not so much fun. Here are tried and true methods for avoiding the post-holiday spending hangover. 

Last year's average credit card debt was more than $5,500. Much of that can get piled on around the holidays. Think about that as you rush through stores filling carts. But you will spend it on gifts and other holiday buys. That's a fact. So, in your downtime, go ahead and plan your pay-off strategies for 2024.

Write down your credit card balances then pay them off by using either the Snowball Method or the Avalanche Method. Pay the minimum amount on all cards, but set aside one card for a bigger than usual payment. The Avalanche Method is the most money-saving way. That can mean paying down the card with the highest interest rate first. Or, if you need motivation to stay on track, the Snowball Method may be best for you. Pay the smallest tab off first. This will give you a sense of satisfaction and put you in the mindset to keep going. 

And set a goal. If you get, say, $1000 taken care of, treat yourself a little. Our brains need to be rewarded. But keep the treat within your budget.