Post Holiday Debt Reduction Strategies

After any holiday, whether it be in the Bahamas or taken at home during seasonal celebrations, post holiday debt reduction strategies can provide individuals with plans to overcome unwise spending and save money. Holidays give people a perfect excuse to indulge in impulsive spending, and at other times, provide them with the inescapable responsibility to purchase services and goods they can’t really afford. Dealing with the aftermath of holiday debt can be disheartening, but there are ways to make doing so easier.


The place to begin is to gain clarity about your financial situation. You may be aware that you’ve overspent, but you need to know exactly how much you are in debt in order in order to form a plan. If you’ve kept receipts for goods and services purchased over the holidays, tally them up and set your debt against incoming money. Is it possible to make repayments easily over the time you have available? Or do you need to negotiate debt repayments with creditors?

If you can’t comfortably settle your holiday debt in time, it’s sensible to call creditors and negotiate. Before doing so, develop a repayment plan so that you can show how you intend to go about giving them back their money. Most creditors will be glad that you are making an effort to put things right, even if it’s going to take you longer than first agreed.

Credit card debt

If you have credit card debt on several cards, consider moving all debt onto one 0% balance transfer card, and refraining from making more purchases until you’re financially in the clear.


Consider selling unwanted goods that are cluttering up your home, but don’t be hasty. Some items may not be your cup of tea, but nonetheless, could be worth a great deal. Items you know aren’t worth much can be sold via a garage sale, but antiques and goods you aren’t sure about value wise can be appraised by an expert, and sold in a more productive and economically sound manner. You are more likely to make money from specialist goods by selling them to a targeted audience, such as collectors.

Tighten your belt

During holidays most people eat and drink too much, and enjoy a little more luxury than they’re used to. After holidays are over, it’s time to basque in the glory of having had fun, and tighten finances. Instead of spending money going out, rest a while indoors and engage in hobbies and interests you don’t need to spend money on. This way you can recoup cash and recover from the holiday season.

Change service providers

You may be able to save money this year by shopping around when it comes to service providers. Companies that provide you with services, such as your Internet connection, gas, oil and water, may be charging you more than you need pay. By checking out their competition you can probably find providers that offer you a far better deal.

Strategies to reduce debt are a valuable asset after a holiday. The extra spending that takes place during such a time can be balanced if individuals make plans to reduce costs in the coming year and manage their finances responsibly.