The Best Way to Pay Off Those Christmas Bills

As the year winds down, the first of all those Christmas bills has undoubtedly already arrived in your mailbox, and if you’re anything like the rest of us, the bill is more than you expected. And it will take longer than you thought to pay it off, too. I don’t know about you, but I hate starting off the new year with last year’s bills hanging over my head, knowing that the interest alone will keep me from paying it off anytime soon. That’s why one of the first things I do after the holidays is to take a long, hard look at my credit card bills.

How much did I charge this year? What’s the interest rate on the credit cards with balances? What fees do those credit cards charge? How long will it take me to pay the credit card balances off if I only make the minimum payments? What impact will the bills have on my monthly budget? And if I’m not happy with the answers to those questions? Then I look for options.

What are your options? You could get a personal loan to consolidate all of your credit cards into one lower monthly payment, and if you have a lot of debt, that can be your best option. But a personal loan also has an interest rate attached to it and the term is usually anywhere from two to five years, so you’ll want to take both into consideration when figuring out how to pay off your debt. The other option that you have is one that I personally like to use when I’ve got a couple of credit cards that I want to get paid off quickly.

Balance transfer credit cards typically come with an introductory period of 0% interest on either purchases that you make with the card or on balances that you transfer from other credit cards. This introductory period can last anywhere from a few months to almost two years. That means you won’t pay any interest if you pay the card off within that introductory period! That’s right, NO INTEREST. That can really save a lot of money AND you may even have extra in your monthly budget. Just make sure that you plan your payments so that the balance transfer is paid off before the introductory period expires!

Where do you start? Why not start with one of these offers:

More Personal Loan Options

In our last post, we discussed the benefits of consolidating your credit card bills into one, low monthly payment with a personal loan.  Not only does this save you money on interest, but you’ll be able to pay the loan off sooner than simply making minimum payments on your credit cards, and you will probably end up with extra money in your monthly budget, too!

With that in mind, we wanted to share even more personal loan options with you:

Winding Down

As the year draws to a close, one of the most important things that you can do for yourself is to take a good look at where your money is going every month.   Besides housing, transportation, and other basic necessities, how many credit card bills do you pay every month?  And of those, how much money goes to interest every month?  Would you benefit from a lower interest rate?  

What if you were able to consolidate all of those bills into one lower monthly payment?  What if you could drastically reduce the amount of interest that you pay each month?  Would you be interested?

One of the best ways to consolidate your monthly bills, drastically reduce the interest that you pay, and free up cash in your budget is to consolidate all of those credit card bills into one personal loan with one monthly payment. 

That’s right, instead of making all those minimum payments, and never getting anywhere when it comes to paying off the balances, you can make one single payment every month AND you’ll have everything paid off in as little as a couple of years.  (If you’ve ever looked at the length of time that it takes to pay your credit card off by making just the monthly payment, you can appreciate the idea of bills being paid in full that soon!)  

And, depending on your credit score, a personal loan may have a MUCH LOWER INTEREST RATE than you’re paying on those credit cards!

So, why not start the new year right by combining all those monthly bills into one easy payment?  

Here are some of the best personal loan options available today:

Balance Transfers Can Save You Lots of Money

As the year draws to a close, many people take a long, hard look at their finances, looking for ways to save money on anything and everything.  Personally, I like to take a look at my credit card balances because that’s one of the best places to find savings.  If you can cut out just a fraction of the monthly interest on any one credit card, you can save money, but what if you could cut out all of the interest on all of your credit cards?   How much would those savings amount to?

If you’ve got good credit, cutting out all of the interest on one or more of your credit cards is actually fairly easy if you transfer the balances to a new credit card with a balance transfer incentive.  Right now, many credit card companies are offering up to 18 months interest free with balance transfers, and that gives you the opportunity to lower your monthly payments AND pay off the balance if you plan your monthly payments to coincide with the expiration of the interest free period.

Does a balance transfer card make sense for you?  Truthfully, a balance transfer card makes sense for most people.  After all, who wouldn’t want to save money on credit card interest over the course of the next year or so?

Not sure how much you could save?  Check out these balance transfer options: