Help! I Overspent on the Holidays!

 

It’s easy to go overboard during the holidays. Giving extravagant gifts to your family members seems like a great idea…until you’re facing a huge credit card bill in January.

However it happened, approach this problem rationally. Blaming yourself is pointless; the important thing now is to right yourself financially.

Fortunately, you’re not facing this alone. HawaiiUSA is here to help. Check out these three ways you can patch up your finances and have things right before summer.

  1. Budgeting advice

    It's very tempting to make only the minimum payments on the credit card you used to buy Christmas gifts. Unfortunately, it’s also the best way to ensure you’re in debt for every Christmas to come.

    Making minimum payments on credit cards prolongs the length of time you’re in debt and spikes the total amount you pay.

    What you need is an aggressive debt repayment plan. Instead of looking to pay the smallest amount possible, identify the most you can afford to pay.

    Commit to an extreme budget until you make headway on the debt. Coming up with an extra $35 or $50 a month is tough, but it’s the easiest way to get things moving.

  2. Debt counseling

    Does reading those credit card statements fill you with despair? HawaiiUSA can help you make sense of them.

    Stop by any of our branches. You’ll learn about your rights and responsibilities and create a realistic plan to pay off your debt and avoid falling into the same trap next year.

  3. Personal Loans and Credit Card Balance Transfers

    Instead of making dozens of minimum payments, focus your debt into one manageable plan through a debt consolidation. Amazingly, taking this step can save you money in the long run by lowering your interest rate and monthly payment commitment.

    Collateral isn’t necessary. All you need is some basic personal information and a willing partner. Our loan specialists can help you organize and simplify your payments, working toward a debt-free life.

 

Life Events Assistance Program | LEAP With HawaiiUSA
For more information, contact a Trusted Financial Advisor or call HawaiiUSA FCU at (808) 534.4300 or toll-free (800) 379.1300.
Federally insured by NCUA NCUA | Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. HawaiiUSA is an equal housing opportunity lender.

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