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Ways to Help Manage Debt in the New Year

20 January 2022

Now that the holiday season has passed, your credit card and loan bills may be staring you in the face causing you to think, “Why did I spend so much, and how can I pay this debt off quickly?” SRU Federal Credit Union has a few financial tips that can help you get out of debt quickly and efficiently, while still planning ahead for a debt-free 2022 holiday season.


If you carry balances on multiple credit cards, consolidating may make sense (especially if the cards have high interest rates). Doing this can help create one manageable monthly payment, while helping you to tackle your debt a little faster. Plus, if you are able to get a lower interest rate, you will save money in the long run. Consider a 0% APR balance transfer credit card, a personal or debt consolidation loan, or even a home equity loan or line of credit. There are many options available to help you consolidate debt and ensure you are ready for the 2022 holiday season.

Make a Budget:

Creating a budget can help keep your finances top of mind, and it will help you to tackle bills. Start by making a list of your monthly bills and expenses, and calculate your monthly income. Once you have your list, you can determine if and where you can cut expenses, or how much extra money you have to spend each month. Then you can decide where it makes sense to use it. Having a plan can help you visualize your goals and keep your finances in check.

Planning Ahead:

The holiday season always seems to sneak up on us, and it can cause financial chaos. Just like planning for a summer vacation, there are easy options to help you be financially prepared for the holidays. Something as simple as creating an automatic transfer to a savings accounts, opening a Christmas Club, or even taking a couple dollars from every paycheck to hide away can go a long way towards helping you meet your savings goals. Making a plan to save early can help take the financial strain and stress away come November and December.

SRU Federal Credit Union is always here to help you manage all of your all financial needs. We offer low interest credit cards, personal loan rates, and many other great options.

If you have questions or would like to learn more, give us a call: 724-794-6292