Consumers with holiday debt have many options for getting help

Photo (c) Andrii Yalanskyi – Getty Images

A trip to the mailbox the following months may not be so nice because there is more chance of finding a big holiday credit card bill.

CNBC recently reported that the average consumer spent $1,249 on vacations, using credit cards for many of those purchases. With holiday decorations now set aside, consumers must find ways to pay off that debt, a task made more difficult by inflation.

“If your credit card debt has gotten out of control, the key to paying off that credit card debt as quickly as possible in this economy may be to consolidate your debt, which can lower your monthly payments as well as your interest rates. “, said Gary. Herman, president of Consolidated Credit. “Higher prices may leave little room in consumer budgets to pay off credit card debt, so people need to find a solution to lower their payments.”

Herman’s company offers a debt consolidation service, which some consumers may find helpful. In fact, there are a number of companies that promote different ways to pay off debt. For example, Sergio, of Mesquite, Texas, worked with JG Wentworth to get his finances back on track and credits the help he received through the company’s program for helping him qualify. for a credit card.

“I’m really happy with the program and hope to be able to finish soon,” Sergio wrote in a ConsumerAffairs review. “If only they could decrease the bi-weekly payment, based on my overall balance, because it is decreasing. Nevertheless, they have good customer service and they communicate.

Bess, Franklin, Tennessee, turned to Freedom Debt Relief to develop a plan. She says that advisers with whom she worked were helpful.

“I’ve had several questions that involve screenings and they have the tools to give great advice,” Bess told ConsumerAffairs. “It’s been a huge relief to know that I’m making progress in getting rid of my debt.”

credit counseling

Annette, of Annapolis, Md., has worked with Cambridge Credit Counseling, which she says has helped her budget her money.

“Whenever I call them with a problem with a bill or payment, they are very helpful,” Annette wrote in a ConsumerAffairs review. “I can keep track of what has been paid and how much I have in my balance.”

Nonprofit credit counselors can provide an inexpensive way to manage money. The National Foundation for Credit Counseling is made up of nonprofit credit counselors across the country. The foundation’s website can help consumers find help in their area.

Consumers with good credit may also consider applying for a balance transfer credit card that offers a long introductory period of 0% interest. This way, the entire monthly payment goes towards paying off the balance and none goes towards interest.

ConsumerAffairs reviews some of the best credit cards, including the best balance transfer cards.

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