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Dealing with Christmas Overspending

credit-card-chainAs the joy of Christmas fades, the reality of Christmas bills begins to set in. If you racked up too much debt on a high-interest credit card or two, Mia Moilanen at the Michigan Tech Employees Credit Union says you might be able to lower payments by transferring the balance to a lower-interest card. Homeowners with good credit and equity in their property may also qualify for a home equity loan, which could dramatically lower the monthly payments. If your credit can’t support those options, and you really can’t make your payments, Moilanen suggests you contact your existing credit card company to make an arrangement. The Credit Union also refers those with serious debt problems to the GreenPath Financial Wellness program. GreenPath can assist with budgeting, and with negotiating payment plans with creditors. You can find out more about GreenPath here. Whatever you do, act quickly – financial problems only become harder to solve as time goes by.

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