Pay Off Those Christmas Bills
Have your Christmas bills arrived?
For many, “Christmas is the season when you buy this year’s gifts with next year’s money.” It’s an unfortunate truth for those whose credit card bills are coming due right now. If your bills are stacking up, face the facts, take responsibility, and begin to pay them off. Prioritize and systematically tackle them so that you can manage your income better this year. Here are my tips:
First, don’t increase your credit card debt. Exercise self-control. Know the due date of each bill. It appears on your statement. If you’ve created an online account, log in to verify your next payment due date. Then, schedule a payment for the future or pay immediately to avoid late penalties. Aim to pay before due when possible by setting up auto-pay options if they’re available. Keep a list of all payment due dates and set reminders on your phone. Make sure you have enough deposited into your bank to cover the expense. Apply all extra income like raises, bonuses, gifts, and tax returns to the highest-interest card first. A lump-sum payment on the highest interest-bearing card can significantly reduce interest costs. Since it’s usually calculated on the average daily balance, installments throughout the month can help. Plus, early payments will improve your credit score.
The Bible describes the borrower as a slave to the lender. We should seek financial freedom. You can do this with God’s help and some sacrifices on your part. In fact, now’s a great time to start a budget and begin saving for next Christmas!
And if you’re struggling with credit card debt, Christian Credit Counselors will help. They can create a debt management plan just for you. For more information visit crown.org/ccc.