Now that the stockings are unstuffed and the trees out on the curb, are the holidays still showing up on your monthly credit card bill? If so, you aren’t alone. With the New Year in full swing, many people have set a goal of improving their financial health.

There are different ways to consolidate your credit card debt and to help start 2016 on a fresh financial footing. Here are our Top 5 suggestions:

1) Pay more than the minimum balance

Make sure that you always pay more than your minimum payments. If you only make your minimum credit card payments each month, it can take forever to pay off your balance. If you want to pay off your balance quickly, pay as much extra as you can afford. Even an extra $50 to $100 each month will help.

2) Buy what you need, not what you want

If you want something, don’t buy it unless you have the money. If you can be satisfied with less than you would ideally want, even temporarily, you can use the money you save to pay down your debt. By the time your debt is paid off, you’ll probably have adjusted to your new priorities, and you can use the money that you are saving to put towards other financial priorities.

3) Budget your expenditure

Creating a budget will help you stay on the straight and narrow with your current credit card debt payments. A spending plan is something you lay out to make sure that you are spending less than you earn. If you can afford to, assign a certain amount of your monthly salary towards paying off your credit. Paying off your credit card in monthly chunks of $500 will help you save on interest rates which can range anywhere between 19 and 30%.

4) Put your credit card away in a drawer

Cash is king. Paying for your purchases with cash instead of credit will help you separate needs from wants, stay conscious about your spending, and make you think twice.

5) Refinance your home

If you own your own home and are struggling to pay down your credit card, you may have enough equity to consolidate all of your credit card debts into your mortgage. Refinancing your home also allows you to pay off your current mortgage and replace it with a new one. This can help you borrow more money to reach a variety of goals, such as home renovation, travel, education or the purchase of additional property. If you’re thinking about refinancing your mortgage, feel free to contact us for convenient, flexible, and affordable options.