4 Ways to Quickly Repay Holiday Debt

4 Ways to Quickly Repay Holiday Debt

It’s a known fact. People notoriously overspend and accumulate debt over the Christmas holiday. It occurs so much that 1 in 3 Americans with a credit card balance from 2022 still hasn’t paid it off.

If you’re among the thousands who need to repay holiday debt (or any debt in general), we have four straightforward tips to get your finances back on track. At a high level, creating a budget, using a strategic repayment method, and considering a side hustle will help you regain control of your monetary situation. 

Using determination, consistency, and proper management, you can rebuild your funds to the amounts they were before the seasonal shopping sprees. Ready to get started? Continue reading for more details.

Review your budget 

If you need to repay holiday debt in a hurry, the first step is to analyze your budget. Examining your expenses will let you see where your money is going and where you should make cuts. List all your expenses, including your monthly bills, and compare them to your income. Then, identify the areas to cut back and redistribute that money toward paying off your debt. 

Use a strategic repayment method

The snowball method is a highly recommended debt-repayment strategy; however, be aware of your other options. Some methods of eliminating debt can also increase your monthly discretionary income. It all comes down to principal-first vs. interest-first payments. Intentionally shifting how you allocate your bill payments will help you gain tons of repayment momentum. 

Refinance high-interest debts

If you need to free up your budget, try reducing the high-interest payments first, such as your car loan. With the Buy & Refi Limited-Time Offer from Achieva Credit Union, you get an additional ½ percent off your qualified monthly rate.

Don’t wait! This offer won’t last forever. After all, the sooner you refinance, the sooner you can put the money back into your account!

Get a side hustle

Side hustles fall into categories from freelancing to driving for a ride-sharing service, as well as everything in between. Working in a gig economy is beneficial because your hours are flexible, and you can use the extra income to repay holiday debt as quickly as possible. 

Say goodbye to holiday debt!

Remember, setting a budget and tracking your expenses can be a helpful way to regain control of your finances after the holiday season. It may require some discipline and sacrifice, but staying motivated and committed to your financial goals will pay off in the long run. Don’t be discouraged if progress is slow at first; every action counts towards your journey to financial stability. With determination and the tips above, you can successfully revamp your finances and say goodbye to holiday debt for good.


Need more financial content? Continue following the Achieva Life Blog for additional budgeting and lifestyle articles.

Commercial use vehicles are not eligible. Internal refinances may be subject to $200 refinance fee. If you choose to refinance your loan with Achieva Credit Union, we may be able to reduce your APR. However, if you choose a loan term that is longer than the term left on your current loan, you will pay interest over a longer period of time and the overall cost of the loan may be higher. Rates are subject to change without notice. All loans are subject to approval. Membership qualifications apply.


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