How do I deal with my January Credit Card bill?

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How to deal with January Credit Card bills

Are you dreading the arrival of the January credit card bill? Have you spent too much this Christmas and are wondering how you will pay for it?

It is estimated that a third of British people borrow money to pay for Christmas gifts and on average it will take them eight months to pay it off.

If you cannot afford to pay off your credit card balance in January before the interest charges are added, chances are your Christmas gifts will cost you significantly more than what you paid for them.

This article is the first in my series of How to Pay for Christmas in 2021. Throughout January I will be posting a lot of money saving, money making and debt reducing strategies to help you get 2021 off to a great start.

1. Do not deny the debt

Those of you who are sat dreading the arrival of that January Credit Card bill, please be proactive.  If you can look at your credit card balance online, then I would encourage you to do so now.  Do not deny what is coming and get yourself in the mindset that you can deal with it when it does arrive.

Remember to look up all of your credit card and store card balances. It is important that you write them down in black and white so that you know what to expect.

2. What other bills you are expecting this month?

Is your car due for a service? Are you expecting to pay for something out of the ordinary? Is it just your regular monthly bills?

Make a priority list now of what needs to be paid in January.  If you have more than one credit card or store card to pay, make a list in order of priority as to which one has the highest interest charge/penalties. A credit card bill with a high-interest rate should be prioritised over a credit card bill with a low-interest rate.

3. Check what your minimum payment is

Do you have a minimum payment which will go out automatically? Have a look at your bank account to see what this is.  If you know that this will not cover the credit card bill you are expecting, start to brainstorm what you can do to get some cash together now.

Now that you have made a list of your debts, it is easier to make a plan to get rid of your January credit card bill as fast as possible.

This article is the first in our series on How to Pay for Christmas in 2021.

If you are struggling with debt in the UK you can contact Citizens Advice for free confidential advice.

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