Holiday Debt Relief

Cynitra F. Oliver, MBA

Financial Wellness Associate 

Did you use your credit card to buy Christmas gifts for the holidays? Did you overspend? Did you stick to your budget?
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Now that the holidays are over, its time to create a plan to pay off those credit cards. Every year we say that we will start early in the year to save for our holiday gift spending. And every year, it does not go according to our plan; when I say we, I am including myself.

​There are simple ways to help tackle the debt. First things first! Gather all of your credit card bills. Review the interest rates. You want to list the debt according to the interest rate-largest to smallest. Paying a higher interest rate can cause a problem, especially if you don’t pay the balance in full. In not doing so, you can incur fees and additional interest, and you end up paying more than the actual purchases because of it.
 
Most credit cards offer balance transfers. My suggestion is to transfer the balance of a credit card to another credit card with the lowest interest rate. Again, paying the higher interest rate can be harder to pay off. In hindsight, transferring the balances will make it easier to monitor. Take advantage of the 0% interest rate that most credit card companies offer when you transfer balances. Don’t forget to read the disclosures to ensure you qualify for the balance transfer!
 
Another way to help tackle that holiday debt is to consider applying for a personal loan with your local bank or credit union. This a great alternative to balance transfers, especially if you have a large amount of credit card debt. The personal loan offers a fixed rate and amount to pay each month. Keep in mind you may be required to pay off and close some of your credit cards, depending on the terms of the personal loan.
 
Family lets be better stewards of our finances. Don’t be ashamed to ask for advice. We’ve all been there! We’ve all splurged a little. Let’s not let money get in the way of our financial freedom. We got this!
 
Peace & Love,
 
Cynitra

Cynitra F. Oliver, MBA

A wife of 10yrs to the love of my life, and proud mother to an 18yr old daughter. A proud member of Zeta Phi Beta Sorority, Inc., in which I have dedicated my time and financial expertise to the Financial Secretary role for my local chapter. As well as my current role as the chapter Parliamentarian. I have worked in the financial industry for over 17 years and have held several roles; from Licensed Banker to Branch Manager to Women’s Business Advocate. My goal/aspiration is to become financially free from all debt and create wealth for my family and all those I encounter; leaving behind a legacy for my daughter to continue. I love spending time with close friends and family.