Now that 2013 is here, credit card bills will soon arrive in the mail, and you'll be faced with all of the money you spent over the holidays. One way to avoid stressing out about that debt, is to figure out how to pay it down, now. The first step is pretty easy.
"You need to get a pencil and a piece of paper and really write down every outstanding debt, whether that be a credit card or a loan or a mortgage, write down all of your debt," said Bill Hardekopf, CEO of LowCards.com.
After that, financial experts said you should stop paying for daily expenses with that card, and focus on paying more than the minimum amount each month. That way, you'll end up paying less in the long run.
"The financial penalties are ticking. Once you carry a balance from one month to the next, every day that you maintain that balance is costing you money," said Bill Hardekopf.
5 News also talked to some shoppers, who said they managed to stay out of debt by saving up for big events, like Christmas, throughout the year. Others said it's all about not spending what you don't have.
"I just spend accordingly to what I earn. If I earn more, if I feel that I can make an exception on a cruise or something, then that's the way I go," said Fred Arnolds, Wetzel County resident.
Some other ways financial experts said you can lower debt is to transfer your balance to a card with a lower interest rate. You can also make multiple payments on your card each month. Some shoppers said the best way to stay out of debt in the future is simple.
"Don't overspend your account and pay your bills every month," said Fred Arnolds.
If you're looking into to getting a new credit card, check out LowCards.com to see which cards fit your needs.