
It is easy to overspend during the holidays. Between gifts, potlucks, travel expenses, and decorations, your credit card bill may have been piling up, so what do you do now?
Michigan State University suggests the following steps to reduce your credit card debt:
1. Assess your situation by finding out exactly what you owe on each credit card.
2. Make a list of your credit cards and include the balance on each card, the interest rate, and if there are any annual fees on the cards. Make the decision to not add additional debt to your credit card.
3. Calculate your monthly income.
4. Determine how much your monthly bills will be, including rent or mortgages, utility payments, credit card bills, insurance payments, cell phone, and Internet bills.
5. Determine how much you spend on food, medication, etc.
6. After you have determined how much money is available to spend every month and where you are currently spending your money, you can decide if you have extra money to put on your credit card balances.
7. If you have more than one credit card bill, start reducing your balance one credit card at a time. Start with the highest balance or the highest interest rate and pay a fixed amount extra each month, such as $70.00. You can also start with the card with the lowest balance each month to reduce the number of cards you are paying each month.
8. Continue to make the minimum payment on all of your other cards.
Many times, there are better deals on merchandise after the holidays. If you do not have the money for it, do not be tempted to spend more just because you think you will save money. Here are some additional tips to limit your credit card damage:
· Limit eating out
· Try to find a side job, such as tutoring or coaching
· Limit social media as advertisements come into play and may be tempting
· Use cash or your debit card for expenses
· Start planning for next holiday season
For more information, check out https://www.canr.msu.edu/news/how_to_get_rid_of_credit_card_debt.
Frozen Fruit Salad
Base: 4 cups water
4 cups sugar (dissolve water and sugar together)
4 cups ice water
1 cup lemon juice
Freeze until slush consistency
Then add:
½ gallon pineapple sherbet to slush
Then add:
2 cans crushed pineapple with juice
1 large can mandarin oranges
1 pint strawberries
1 pint blueberries (I substitute frozen peaches.)
1 pint raspberries
1 pint grapes
1 pint kiwi
Refreeze, to serve thaw slightly.
Submitted by: Judy Long, Gordonsville FCE Club.