The holiday season is behind us, and now it's time to start paying off the bills for some of those great gifts. To do it effectively, you need a strategy.
Personal finance expert Michael Foguth, of Foguth Financial Group in Brighton, stopped by the Fox2 News Studios Saturday morning to discuss his tips for tackling that post-holiday debt. And with average holiday spending up, there's no doubt some people will need them.
1. Set a goal. How many credit cards need to be paid off and by what date?
2. Make a plan. Utilize the snowball effect. Get a part-time job. Think about consolidating debt.
3. Tell someone. Tell a trusting person your goal and plan. They will help you stay on track.
4. Create a reward. Set one cheat day a week.
5. Utilize technology. Set reminders on your phone. Use automatic bill pay.
Watch the video above and click here to learn more about Foguth and his financial strategies.