Many who got caught up in the emotion of holiday buying over Christmas may be paying the price now with credit card statements.
Gail Cunningham with the National Federation for Credit Counseling says make the payments now, but use the information on what you spent overall to help plan for this year. Divide that number by ten and pay yourself that amount each month. By November, you will have cash in hand to go and buy this year's gifts. Starting a Christmas Club account is also a smart idea.
Cunningham says try to pay all bills in full when they arrive. If that is not possible, at least commit to paying them off within the first quarter of the year. If the debt drags on longer, unnecessary interest charges will be added.