Connect with us

Hi, what are you looking for?

Credit Management

How to Handle Credit Card Debt Post-Holidays

With the holidays behind us, many consumers are dealing with a mean post-holiday hangover. According to a new report from Finder.com, American consumers are estimated to have spent over $181M on presents during the holidays. And if you’re one of the many consumers that needs a little help dealing with holiday credit card debt, here are some tips to help you recover faster and prioritize your credit health, which is a new year’s resolution anyone can feel good about.

Handle credit card debt post-holidays

With the holidays behind us, many consumers are dealing with a mean post-holiday hangover. According to a new report from Finder.com, American consumers are estimated to have spent over $181M on presents during the holidays. And if you’re one of the many consumers that needs a little help dealing with holiday credit card debt, here are some tips to help you recover faster and prioritize your credit health, which is a new year’s resolution anyone can feel good about.

Focus on the card with the highest interest rate first.

Most financial experts say this is the way to go. The card with the highest interest rate is usually the one that will cause you the most financial pain. If you have a balance due on multiple cards, focus on the card with the highest-interest rate while at least making the minimum payments on your other cards.

Consolidate your debt.

Debt consolidation can come in many forms like transferring balances on credit cards, to refinancing your mortgage, to getting a personal loan at a low rate through reputable marketplace lenders like Prosper.

Keep Saving.

While you might be tempted to put every penny toward your debt and expenses, personal finance expert Andrea Woroch, suggests that you make saving a priority. “Make sure you’re contributing to a retirement fund if one is offered at work, and always pay yourself first, even if it’s just $20 a month.”

Snag a Side Gig.

Consider turning a hobby into a side gig. There are tons of sites like Thumbtack and TaskRabbit that can connect you with people in your community looking to pay someone for odd jobs.

Read more

Join our mailing list

Latest

HELOC calculator - picture of the side of a home

Finance for Homeowners

This HELOC calculator predicts the amount you can borrow based on home value and other factors.

Example image for How Much Does it Cost to Renovate a House? Example image for How Much Does it Cost to Renovate a House?

Finance for Homeowners

One of the best parts of homeownership is being able to customize your home exactly how you want it. You don’t have to make...

iStock_78780267_MEDIUM.jpg iStock_78780267_MEDIUM.jpg

Financial Lifestyle

Whether you’re a regular Prosper blog reader or just Googled and found us after realizing your wallet is lost or stolen, we can help....

plans for what adds the most value to a home plans for what adds the most value to a home

Finance for Homeowners

What Adds the Most Value to a Home? When it comes to home improvements, you probably know that the answer is “yes” to the...

aug-performance-600x337.png aug-performance-100x100.png

Prosper Blog

Today we are sharing performance data from the Prosper Portfolio for August 2022. Highlights from the Prosper Performance Update – August 2022: In August,...

Example of potential result from remodel planning Example of potential result from remodel planning

Finance for Homeowners

Whether you’re taking a home you already love and making it better or taking a fixer-upper and restoring it to livability, the key to...