Law Office of Allan E. Dunaway, PLC

Time to tackle that holiday debt

It's so easy for holiday spending to get out of hand when we are trying to please our loved ones during Christmas season. When all it takes is a simple swipe of a credit card to see our children and spouses beam with excitement, the bills can really add up. But here we are in January, and all that debt is still lingering on our credit card statements. What can we do?

First and foremost, it is time to figure out your budget. Devise a spending plan that allows you put extra money aside to pay off your credit card bills. Give yourself 12 months in which to get it all paid down.

Second, pay off the cards with the highest interest rates first. This will help to minimize interest costs because you will be paying off the most expensive debt first.

Third, see if your credit card company will lower your interest rates. Believe it or not, this is often easy to get done with a simple phone call. Credit card companies are making money off holding your debt, so they may be willing to work with you to keep you as a customer.

Fourth, you may want to consider one of those zero percent interest rate credit card deals. Especially if you have a strategy for paying off your bills before the interest free period expires.

There are other great strategies for paying off your credit cards quickly and efficiently, but the above are a good place to start. If you feel you are overwhelmed with debt and will never be able pay it off, though, you might want to consider speaking with a Kentucky bankruptcy attorney to explore your debt resolution options.

Source:, "Tips to tackle debt after holiday spending," Jan. 26, 2016

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For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

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