With the holiday season over and a new year beginning, Americans will soon be putting away their holiday decorations and getting back to the normal life. Many resolutions will be made for 2008, and many people will resolve to get out of debt. Making the resolution to get out of debt may be easy at the stroke of midnight but when the bills from holiday spending roll in many may wonder how they will ever keep this resolution.
Debt has become a way of life for many Americans. In fact, according to data provided by various credit card companies, late credit card payments have jumped 26%, totaling 17.3 million dollars. With numbers like that, and the added fact that most people spend around $1000 during the holiday season, 75% of which is on a credit card, those that make the resolution to get out of debt are in for one tough challenge.
It is possible, however, for one to keep to their resolution to get out of debt. It just takes time, patience, and a little research. Tax season is soon approaching, and taking the money that is received from tax returns and applying it to one’s debt is an option many should explore. Another method is researching balance transfer credit cards. With a balance transfer credit card it is possible to take all of the debt one owes to various credit card companies and put it on one card. The added bonus of balance transfer credit cards is that the debt is consolidated into one monthly payment, which makes it easier to track the progress one makes toward getting out of debt, and also helps with keeping payment schedules organized.
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