Tips for managing holiday-related debt
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Tips for managing holiday-related debt

Author: Sound Choices

January 9, 2019

It’s better to give than receive. But after all that holiday giving, now the credit card bills are starting to come in.

If looking at your credit card statement is something you now dread, consider these tips for managing your debt.

1. If you don’t have a budget, start one!

There are plenty of budgeting apps that will help you manage your monthly expenses. By seeing how much you’re spending each month, you may find areas where you can cut out unnecessary expenses. The key is to put any excess money you manage to cut from your expenses into paying down other debt.

2. Pay off higher-interest debt first.

Like many people, you probably have some credit card debt, a line of credit and a mortgage. Although it’s important to pay the minimum amounts each month to avoid hefty penalties, also try to pay as much as you can above the minimums on your higher-interest debt like credit cards, which impose relatively high interest rates. For every month that you’re carrying debt on your credit card(s), you’re making it harder to shake that debt burden.

3. If you’re finding your debt unmanageable, it’s always a good idea to speak to someone.

Many of us will – at one point or another – find that we’ve taken on too much debt and are unable to manage it. If you ever reach that point, it is a good idea to speak to someone – be it a financial advisor, accountant or lawyer – who can recommend strategies to help you more effectively manage your debt.

4. Spend a little less next holiday season.

We know you can’t leave the important people in your life off the gift list, but it’s never a bad idea to impose spending limits with as many people as possible. It may feel a little embarrassing to broach the topic, but most people will appreciate the limit as much as you!


These are just some of the ways in which you can manage this year’s holiday debt and reduce your burden next year. You may also want to open a holiday savings account to which you can allocate a small amount of your paycheque each month. That way, when next December comes around – and there’s always a next December around the corner – you can use the money you’ve saved for gifts and accumulate less debt for the following year.

For more tips on managing your debt, please speak with your financial advisor.


This information is based on material believed to be reliable and is provided as a general source of information and should not be considered any personal investment or tax advice. Every effort has been made to ensure accuracy at the time of publication, however AGF Management Ltd. and its affiliates cannot guarantee 100% accuracy of this information, and is not responsible for the development and creation of this material. It is important for investors to consult with their financial and tax advisors before making any investment or tax planning decisions.
The contents of this Web site are provided for informational and educational purposes, and are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting or tax. Please consult with your own professional advisor on your particular circumstances.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

For further information, please visit AGF.com.

© 2018 AGF Management Limited. All rights reserved.

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