Had a fabulous time buying gifts for family and friends this holiday season? Everybody loved you and you loved yourself for making everyone happy. Well done.
Now let us deal with the harsher facts. Did you use your credit card for most of the shopping? Are you unsure of how much you have spent or are dreading your next credit card bill because you feel you many have overextended your credit a tiny tad bit? Don’t worry. Things are probably not out of hand yet.
Here’s the best you can do to deal with the credit card statement for your holiday shopping
Opening the holiday billing statement.
If you have not been keeping track of your holiday spendings and have just been busy raking up a balance on all your credit cards for holiday shopping then opening your billing statement for the holiday season may prove to be a scary proposition indeed.
Pre-emptive Measures – Keep a Track Of What You Spend
If you do not want to get rude shock when you open your first credit card statement that comes after the holidays try and keep a record of what you’re spending.
Pre-emptive Measures – Make a Holiday Fund and Start Saving Early
Not only that but try and prepare and plan for the holiday spending a few months ahead in advance. You can even start a holiday fund that you contribute to over the entire year so that you have built up a comfortable amount that will take off some burden on your credit cards when it’s time to shop.
Work Up a Plan to Pay – Pay at Least Minimum Amount Due
If you have worked up a balance on your credit cards during the holiday season do not avoid making the payments. Once you get the bills for your credit cards sit down and plan how you are going to work at paying off the balance.
Do not Skip a Credit Card Payment
Make up a plan so that you do not skip on any payment by mistake. Just raking up a debt on your credit cards will not hurt your credit rating but missing a payment on anyone off your credit cards will damage your credit history which might prove damaging in the long run.
Pay Interest Rather than Damage Credit History
Having to pay interest on a certain balance by paying it off in the next few months may be a better option than damaging your credit rating by missing a payment which could result in a higher interest rate on all future credit accounts.