If your holiday cheer turned into a not-so-cheerful credit card bill, you’re not alone. Between travel, celebrations and gift-giving, it’s easy for balances to grow quickly. The good news? With a few simple steps—and some helpful tools—you can regain control and set yourself up for a fantastic financial year.
Step 1: Get Organized
Before you tackle your debt, you need a clear picture of where you stand. Start here:
Gather your numbers: How much do you have, and how much do you owe? Review your checking account, savings account(s) and all your credit cards. Write down the balances so you can see exactly what you’re working with.
Refresh your budget: Where can you cut back? Even small temporary changes—canceling a subscription, reducing takeout, pausing online shopping—can free up money for debt repayment. Need some guidance? Our MyConcierge™ service pairs you with your own personal concierge who can help you make sense of your finances and create a customized plan.
Stay on track: Pay your bills on time and consider setting up automated payments using external transfer. Check in on your progress monthly—seeing those numbers drop is motivating and keeps you from falling behind.
Step 2: Save More While Paying Down Debt
Here are a few simple ways to boost your budget and regain momentum:
Go on a spending freeze: Try skipping all non-essential spending for one or two weeks (or a month if you can). You’ll be surprised at how quickly the savings add up.
Sell or return unused gifts: If something isn’t your style or you’ll never use it, convert it into cash.
Unsubscribe and uninstall: If emails or apps tempt you to shop, remove the source. Out of sight really can mean out of mind.
Step 3: Consider Debt Consolidation Options
If your holiday debt is split across multiple cards or has high interest, consolidating may help you save money and reduce stress. Depending on your situation, one of these options may be a perfect fit:
Visa® Balance Transfer (VBT)
Best for: Credit card debt that you can pay off sooner than later
Why it helps: You can transfer balances onto one card and take advantage of low introductory APRs, helping you pay down your debt faster and spend less on interest.Personal Loan
Best for: Multiple debts or needing a predictable monthly payment
Why it helps: Consolidate everything into one fixed monthly payment over a longer period—no collateral required. Simple, clear and stress-free.Home Equity Freedom Line of Credit (HELOC)
Best for: Larger amounts of debt
Why it helps: Leverage the equity in your home and use as much or as little as you want. You can choose a variable or fixed rate. Just remember, your home is collateral.
Still not sure which one fits your situation? Contact us, and we can help you compare and choose the best option.
Step 4: Prepare for Next Year
Once your holiday debt is behind you, it’s time to set yourself up for success:
Set a monthly contribution.
Let your savings build automatically.
Future you will thank you next December.
Whether you’re tackling debt or building a better savings routine, we’re here to support you. Visit one of our nearly 60 branch locations or contact us to begin your financial reset today.
