Tackle Holiday Credit Card Debt With Easy Tips

Millions of Americans were expected to use credit cards to charge their gifts this holiday season

News provided by

Prestige Financial Solutions

Jan 18, 2011, 09:00 ET

DENVER, Jan. 18, 2011 /PRNewswire/ -- With holiday credit card statements arriving in the mail, many Americans are dealing with credit card anxiety and facing the reality of what they charged in December. To help tackle holiday debt and to help you start a debt free 2011, Prestige Financial Solutions has created a list of tips. Prestige offers the Pay As You Settle® (PAYS) program, a debt resolution program that negotiates a reasonable settlement for consumers with unmanageable debt.

Tips for Getting Out of Holiday Debt

  1. Gather all of your statements to get an accurate idea of what your total credit card debt is and how much your monthly payments are.
  2. Create a monthly budget by reviewing all of your expenses and income to determine how much you can afford to pay toward your credit card bills.
  3. Once your budget has been determined, you can explore your options, such as:
    • Pay creditors more than the minimum amounts.
    • Get a consolidation loan to pay off all cards.
    • Explore credit card counseling programs to see if they can reduce your principle while maintaining an affordable monthly payment.
    • Research debt settlement programs, and look specifically for programs that do not charge upfront fees and can eliminate your principle balance within 36 months or less.
    • Declare bankruptcy, a last resort due to length and cost of the process and the effect it will have on your financial well-being.

Prestige Financial Solutions strongly recommends consulting with a debt advisor to help you assess your situation and further explain your options. To find reputable companies who may be able to help you, visit the Better Business Bureau's website. Consumers should be well-informed and ask questions, as there are pros and cons to each option.

"Anxiety caused by credit card debt can be a highly emotional situation and people need to be sure they're working with a reputable, established company that has their best interests in mind," said Amy Thompson, a founder of Prestige Financial Solutions.

Pay as You Settle® (PAYS®) is one of the nation's leading pay-as-you-go debt settlement programs. The program can be found online at www.payasyousettle.com or by calling 800.441.7297.

SOURCE Prestige Financial Solutions

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