The holiday season is a great time to place your focus on your family. Many do this by surprising loved ones with nice gifts that they normally wouldn’t purchase for themselves. Others prefer facetime with loved ones over the holidays, traveling across the country to gather in person. Of course, there are also many people who choose to do both of these things.
Now that the holidays are over, the bill is about to come due. Plane tickets can be expensive, as the holidays are typically considered the peak travel season. Between travel costs and gift expenses, you may be looking at the amount you owe and wondering how you will fit it into your budget.
If this describes your situation, you’re not alone:
Fortunately, there are solutions available to help you pay off your holiday debt faster without busting your monthly budget.
There were four common ways that Americans financed their holiday purchases this year:
Regardless of the method you chose, the end result is the same – additional debt that you didn’t have before the holidays. In most instances, these purchases will not be paid in full right away. Approximately 82% of individuals incurring holiday debt have indicated they won’t be able to pay it off within one month. Depending on the interest rates associated with your holiday purchases, this debt can potentially get prohibitively expensive if you carry it for a long period of time.
There are two common solutions used by individuals who don’t want to carry high interest debt for months while making minimum payments on their holiday purchases:
Credit card balance transfers and personal loans may make it easier to fit these payments into your monthly budget while reducing the overall interest you pay over the life cycle of your debt. However, these solutions generally don’t help you pay down your holiday debt much quicker.
If you’re still making payments on your vehicle, you may have another solution available. By refinancing your car loan, you can free up disposable income, allowing you to pay down your holiday debt faster. Depending on the terms of your car loan refinance, you may be able to:
You may be thinking that refinancing your car loan is much more of a hassle than transferring your credit card balance to a new card. However, when you work with iLending, the process is quick and easy. Our exclusive You First Approach™ takes the hassles out of car loan refinance while ensuring you have an exceptional experience throughout every stage of the process.
As part of our unique You First Approach™, we:
Contact us today to get the car loan refinance process started.