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PRESS RELEASE
Friday, January 14, 2011
The Bills Are Arriving, Now What?CCCS of Greater Dallas Offers Free Education and Helpful Tips for Managing Holiday Debt
Dallas - January 14, 2011 - A thick stack of envelopes has arrived. No, it's not more holiday cards - it's your credit card bills from December. Many consumers who overspent during the holiday season have received the not-so-friendly reminder that it's time to pay up for the fun they had last month.
"There is a simple solution for those facing mounds of holiday debt. Be committed to making a plan and sticking to it," said Todd Mark, vice president of education for Consumer Credit Counseling Service of Greater Dallas (CCCS of Greater Dallas). "Maintaining your financial plan and security continues to be critical in 2011, and consumers should do everything they can to eliminate debt."
"Just like trying to lose weight in the New Year, paying off holiday debt, or any debt from 2010, is going to take some time," Mark said. "The first thing you should do is sit down and make a budget. Once you've figured out all of your expenses, decide how much money you can devote to debt each month, and set a goal for paying it off."
If the influx of holiday bills seems overwhelming, CCCS of Greater Dallas invites consumers to contact them for a free session with a professional credit counselor to figure out a budget for the New Year. The nonprofit agency is also offering a free webinar at 1 p.m. on January 18, "Money Matters: Financial Success Begins Today," to help consumers start off 2011 right. For consumers who are eager to eliminate holiday debt on their own, CCCS of Greater Dallas suggests the following tips to get started:
Set a goal. Decide how much money you can devote to holiday bills after adding up expenses like rent or mortgage payments, utility bills, food, transportation costs and tuition. Set a goal to pay it off - whether it's three to six months or more.
Prioritize your debt. Make the largest payments on the highest interest credit cards first, which will save you money over time. Don't forget that you need to be paying a little (at least the minimum payment) on all debts to keep the accounts current.
Cut out unnecessary items until your debt is paid. If you owe thousands of dollars in holiday debts, now is the time to cut out all extra expenses. Eat at home or pack your lunch, find free activities for the family, and make smart purchases for things you need. Cutting out extra expenses like eating out could also help you achieve some other New Year's resolutions, such as dropping a few pounds.
Pursue a part-time job. If you just don't have the funds to pay off your debt with your current salary, consider taking on a part-time job. If you can find a part-time opportunity in our current economy it would be wise to make the sacrifice of your time to get yourself financially fit for what could continue to be an economically unstable year.
For help in becoming debt free and making smart financial decisions in 2011, contact your local CCCS office for a free budget review and credit counseling session, as well as more information on financial education and free debt seminars, at (800) 249-2227 or visit www.cccs.net.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit counseling and debt management service. Established in 1974, CCCS of Greater Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet at more than 20 locations in four states. CCCS of Greater Dallas is a HUD-approved housing counseling multi-state organization and serves as one of seven counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS of Greater Dallas' free seminars or the agency's services, visit www.cccs.net or become a fan of CCCS of Greater Dallas on Facebook to receive updates on agency events and offerings.
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