Overspent this holiday season? 3 easy ways to pay down debt

The holidays may be over but your budget could still be carrying the weight of all that spending. In fact, according to a LendingTree survey, more than a third of Americans (37%) racked up holiday debt this year, averaging $1,223 — up from $1,181 last year and the highest level since 2022.

If you're feeling the financial bloat now that the celebrations have ended, here are some tools to help you start paying it down:

If you're feeling overwhelmed by high-interest holiday credit card debt, a balance transfer card could be a smart move. These cards allow you to transfer your existing debt to a new card with a 0% interest rate for a period of 12 to 21 months. That means you won't be hit with extra interest while you work on paying down your debt. Just keep in mind there's usually a small fee — around 3% to 5% of the amount you transfer — so it's important to do the math before you decide. Balance transfer cards work best if you have a good credit score, typically 670 or higher, and can commit to paying off the balance before the promotional period ends.

The Chase Freedom Unlimited® gives you 15 months with a 0% introductory APR before a variable rate of 18.24% - 27.74% kicks in. You'll also earn cash back on new purchases along the way. If you think you'll need more time to pay things off, the Citi Simplicity® Card offers a longer 21-month 0% intro APR on balance transfers (followed by a 17.49% - 28.24% variable APR) — one of the longest out there — and neither card comes with an annual fee.

If you're juggling multiple debts — on top of all of that holiday spending — like several credit card balances or a personal loan, a debt consolidation loan might be just what you need. It combines all your debts into one monthly payment, often with a lower interest rate than what you're currently paying. These loans can range anywhere from $1,000 to $100,000, depending on your credit score, income and existing debts. They're ideal if you want to streamline how you repay your debts, as you'd only have one loan and a single interest rate to juggle.

Avant offers loans ranging from $2,000 to $35,000 and is more flexible on credit requirements, with a minimum FICO score of 550. Upstart also offers debt consolidation loans starting at $1,000 and looks beyond your credit score when reviewing applications, factoring in things like work experience and education.

Sometimes the hardest part of beating holiday debt is knowing where your money actually goes. Budgeting apps like Monarch or You Need A Budget (YNAB) can be a real game-changer. They connect to your bank accounts and credit cards, then track your spending automatically, which helps you build a budget that fits your lifestyle. These apps also send alerts if you're about to overspend and break down your expenses visually, so you can spot where to cut back.

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