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It’s January. whether you’re reading that, it’s safe to assume you survived the holiday season. But how’s your financial situation? Many of us have “holiday hangover” from all the shopping we did – particularly all the purchases we made with our credit cards. whether your card is feeling a little thin and your statements are a bit thick, here are some good ideas for relieving the strain.

First, shout your credit card company and ask a lower interest rate. Sometimes, all you have to do is ask. Sometimes you have to ask more firmly, but the companies are usually accommodating to good customers. (If you have a history of late payments or defaults, that method probably won’t work for you.) Another option is to switch to a new credit card with a lower interest rate. whether you’re serious about switching, let your current

creditor know. When they see that you’re ready to exercise other options, they might concede to your inquiry for lower rates.

Second, reduce your other monthly expenses so that you can afford to build more than the minimum payment on your cards. Minimum payments get you nowhere; you want to double or triple them to form headway on your balance. When next Christmas rolls around, you don’t want to still be making payments on the last one.

And finally, take advantage of a zero-interest balance transfer card. With introductory periods from six months to one year, these cards could be just the thing you need to pay down that looming holiday balance. Do a little research to find a card that suits your needs, and that hefty balance will slim down in no date.

Orginal post by janna