Holiday Debt - Oh Noooooooo! (like Mr. Bill)

With the holidays being over a few months now, many of us are beginning to worry about, not only our extra pounds from stuffing our faces, but the over-spening that we indulge in around the holiday season; ESPECIALLY if the gifts we decided to splurge on showed up on our credit cards statements. That queasy feeling in your tummy isn't from toughts of that nasty eggnog your aunt Betsy made you drink, but from knowing that that credit card bill STILL has multiple charges from later November and December.

In a recent survey by Consumer Reports, 23 percent of all Americans will not pay off their holiday debt until March (right around now!) or even later. This debt interest is estimated to equal roughly 14 billion! Over 25% of Americans rely on credit cards most often when holiday shopping, which contributes to roughly 63 billion charged on credit cards throughout the holiday shopping season.

The average American household has racked up at least 9K in debt already, and the over-use of plastic during the holiday season can be catastrophic to the average family's financial well being.

Isn't it time to come through on that resolution to get, not only physically, but fiscally fit as well? Here are a few good suggestions to get that credit back on track and out from under that looming debt:

1) Stop using your f-ing credit card so much! We all know credit cards can be very tempting, so consider just cutting those dirty mother-funkers up. Close your newer credit card accounts altogether, but make sure to keep those older credit card accounts active, since they may offer you a better interest rate for being such a loyal sucker over the years. Also, if your credit card balance is higher than your checking account...you're screwed! :) Just kidding... But seriously, it may be time to completely abandon the plastic until the amount can be paid in full.

2) One word. Budget. If your current income doesn't cover the old CC payments, then it’s time for a little sacrifice. Track your spending and make sure you count all those little extras like that $4.00 Venti Chai or that $3.00 Combo Meal. Those little buggers can really add up. You’ll be surprised how your cash flow will dramatically increase by skipping the Starbucks fix or packing your lunch like mom used to do for you.

3) eBay baby! Simply put, sell your junk and make some money! There are many companies out there that will actually photograph & list your crap online, and once sold, ship your item for a small percentage. It doesn’t get any easier than that folks. Take that extra dough and make a nice big payment on one of your credit cards. Killing two birds with one stone, priceless.

4) Roll up your sleeves and negotiate a lower rate. Just think: one call to your CC company can often times lower your interest rate substantially, which will help you to brake the shackles of your credit card debt at a much faster rate. The credit card industry is ultra-competitive and they'll more than likely haggle with you, especially if you've been paying your minimum payments on time habitually.

5) Save! Save! Save! Consider opening up a high interest savings account and put away as much as possible. Start by taking $10 to $20 from your normal paycheck, stash it in a high yield savings account, and by year’s end, you'll have saved $500 to $1,000! That extra cash can be used for credit card payments or even for holiday gift buying (now that's thinkin' ahead!). Using these funds for holiday spending, you won’t be so weighted down when January rolls around again next year.