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Do you have a Holiday Hangover from all the money you spent?

Here are ways to help pay off those bills.

CLEVELAND — It was all about love when Diana Ross sang about the Sweetest Hangover. But it’s not so sweet when you’re talking about a holiday hangover…aka...holiday debt. And break out the aspirin, because it’s a bad one this year.

Consumers racked up $1,325 in debt heading into Christmas...and 78% of us won't be able to pay it off come January, according to a Debt Survey by Magnify Money.

And if that's you, financial experts say...man up and stop avoiding the mailbox.

Andrea Woroch, who counsels people on finances says, “You can't change what you can't see. So, taking a look at those balances will help you realize…okay, this is serious. I need to make a debt repayment plan.”

First, calculate the maximum you can afford to pay each month. Ideally, it's a lot more than the minimum required.

But, if you can't, try to transfer that debt to another 0% to low interest rate credit card. At minimum, call your current credit card company to negotiate.

Matt Schulz, of comparecards.com, a company which reviews card lenders, says, "We've done studies that showed that about 80% percent of people who ask to have their interest rate reduced on their credit card were successful. But very few people do that.”

The second step you should take is marking in your calendar when those payments are due or setting up automatic bill payments. Because if you're late, you'll rack up even more costs in late fees and possibly have your interest rate raised.

Third, if you have debt on multiple cards, pay the most to the one with the highest interest rate first.

Finally, to help you get on track consider using an app like Qoins, which helps you save by rounding up your purchases and putting the money towards bills, or Debt Free which helps you track your payments.

Woroch says, “While you see your progress in action, that helps you feel motivated and you're more willing to work hard to cut back in other ways to pay off that debt faster.”

Now, if you're in a lot of debt, you should consider calling a non-profit counseling organization which will help you come up with a payment plan.

And by the way, we are looking for a couple to work with...who either want to get out of debt, or just start saving more.  If that's you, hit me up on my Facebook @danielle.wkyc or Twitter @Danielle_Serino accounts.

Tips for Paying Down Debt

https://www.discover.com/online-banking/banking-topics/holiday-debt-diet/

https://blog.massmutual.com/post/credit-card-debt-fixes

Non-Profit Credit Counseling

https://www.apprisen.com/services/

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