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Cut down debt with these post-holiday ideas

If there is anything that people will be looking into following the holiday season, it's ways to pay back credit card debts racked up while buying gifts. While it's not advisable to put gifts on credit, lots of people do so to build up their credit and to earn points through card programs.

Sometimes, that spending does get out of hand, though, and people are left with more to pay back than they expected. If that happens to you, do you know how to make a dent in that debt?

Paying back holiday debts starts with paying your minimums

To start with, you need to pay your minimums. If you have six credit cards with minimum payments of $50 each, make sure you're paying those on time. Then, any additional funds you have, for instance, $100 extra given to you as a gift, can be placed on the highest- or lowest-value card. This will more quickly chip away at the debt and help you get out of debt sooner.

Focusing on one card is a good way to start paying back debt. Another option is to hit the return line. If you made a purchase you truly couldn't afford and still have the item in your possession, you may want to return it and buy something more affordable. For example, if you bought a new coat for $400 but could get by with one for $50, it may be worth exchanging it or taking it back for a refund instead of struggling with debt.

Sometimes, no amount of rearranging finances is enough to pay back debt. If you are struggling, you may want to talk to your attorney about other ways to pay back what you owe.

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