New Book Reveals Tips to Reduce Your Credit Card Debt After Christmas Spending

As the economy has been improving over the past year, consumers are more likely to overspend during the holidays, especially by using their credit cards to purchase gifts for friends and family.

In a recent book, "50 Ways to Consolidate Debt", Ken Lengel of DebtConsolidationQuotes.org writes that many people rely on credit cards to purchase gifts they can't afford while rationalizing that their New Year will bring about better finance success and the ability to pay off their debt.

Over 75% of all Americans use their credit cards to purchase gifts and their monthly minimum payments skyrocket. In addition, Credit Card companies have been given the green light to charge larger monthly minimum payments for those credit card users who may have become a greater risk to default on their balances.

In addition, the new bankruptcy laws that have just been enacted will limit the amount of debt that can be written off as well as increased the costs to file for bankruptcy.

Ken Lengel, a leading small debt consolidation consultant comments that, "Overuse of credit cards will bring a great deal of stress to individuals after the holidays are over and those credit card bills arrive. Debt Consolidation services can help relieve the burden and the costs of bankruptcy."

Here are some tips to avoid bankruptcy, stress and financial distress:

1. Set a reasonable budget for gift buying. Making a budget will help you keep your spending under control.

2. Reduce spending in other areas of your life during the holidays. Eat out less and don't purchase anything outside of gifts in December.

3. Create a plan to reduce your debt in the New Year. Determine how much money you can put extra towards your bills and set a goal to pay off your spending in three to six months.

4. Buy fewer presents for your kids. While some hesitate at this tip, kids often get plenty of presents from family and friends. They will not notice that you bought them 4 presents instead of six.

5. If you find that you cannot overcome your financial situation, locate a debt consolidation company that has nonprofit programs to help you get back on the road to financial freedom. These companies can help by giving you a plan to reduce your debt and help you pattern your life so your overuse of credit cards does not happen again.

These are just a few tips to help reduce your debt. Applying responsible buying prowess during the holidays can help you avoid the Holiday Hangover of large credit card bills.

For a free copy of "50 Ways to Consolidate Debt", Contact: Ken Lengel at contact@debtconsolidationquotes.org.

This release was published on openPR.