First Published:
26/01/2023
Dealing with Post-Christmas Credit Card Bills
“Last Christmas I gave you my heart”… to quote George Michael, has last Christmas left you feeling broken-hearted financially? If so, we are here to help. With the highest amount of money borrowed through credit cards this Christmas since 2004, here are some simple tips to take control of your finances.
Sum it up
- Make lists & calculate how much you owe to each credit card – you need to know what you are dealing with to manage it effectively.
- Try and make a balance transfer – use one card to pay off other credit or store cards at a far lower rate – often 0% – making you debt-free quicker.
- Investigate whether you can transfer your balance to another card with 0% interest & aim to pay off in full within the 0% timeframe. See MoneySaving Expert for various credit card providers offering 0%, including options for poor credit scorers.
It’s payback time…
- Time to make those repayments…if possible, set up a direct debit to clear the full balance of your credit card every month. This way, you avoid having to deal with increasing interest rates on top of what you have already borrowed.
- If you can’t afford to clear your balance – pay off as much as you can without impacting the rest of your finances. Remember to prioritise essential bills such as rent, energy, water, TV licence and council tax.
- If you only make the minimum repayment each month, it could take years to clear the balance and may cost £££ in interest. If you are in this situation, get help & find alternative debt solutions.
Here to help – if you can’t pay, don’t delay!
- Take control: if you struggle making repayments, seek professional debt advice now.
- Organisations such as Stepchange and National Debtline are able to assist you with various options for managing debt, including affordable repayment plans & finding out whether you are able to write off certain debts.
- The Money Advice Team at JJH is here to help advise you on a range of financial issues and potential claims for benefits – email the team at money.advice@jjhousing.co.uk.
- Join our Money Advice Sessions to talk directly to our money advice team.