5 Tips for Managing Post Holiday Debt


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.

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