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    4 Tips to Cure Your Holiday Spending Hangover

    Have the holidays left you scared to log in to check your credit card account? This might sound familiar, and it’s what we like to call the “Holiday Spending Hangover,” and unfortunately, it’s not one that an Advil and glass of water will cure. (Although it may help.)

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    According to USA Today, it will take Americans six months to pay off the credit card debt they accrued over the holiday season. If your goal is to better your finances in 2018, a great start is with these four tips to get you out of the holiday spending hole you’ve put yourself in:

    1. Assess the damage. Ignoring the debt you accumulated over the holiday season won’t make it go away. If you used one card to tackle your holiday purchases then it won’t be hard to see how much you’ve spent. But if you decided to spread the love over multiple cards, create a spreadsheet with the balances of each card. If you withdrew money from your savings, be sure to include that as well so you can replenish it at some point.

    2. Take action. Or as Nike says, Just Do It. We recommend paying two to three times the monthly minimum payment to avoid the interest owed. Also, make it a goal to pay off your debt in three months or less. If you received any Christmas money or year-end bonuses, use that to pay off your debts. Tax refund season is also coming up so use that extra money to help pay off your credit cards.

    3. Don’t give up. Paying off debt may seem like a grueling task that never ends, but we have faith in you! Don’t give up; come up with creative ways to dig yourself out of your debt ditch. Find ways to cut unnecessary costs or pick up extra hours at work, or even a side job here and there.

    4. Start saving for next Christmas. But wait, didn’t Christmas just end? It did, but it’s never too early to start saving for next year! Open up a savings account that you can’t touch; start by savings $50 a month and you’ll have $550 by the time next Christmas rolls around! Telhio Credit Union offers a variety of savings accounts that earn interest daily and as a Telhio member, you gain access to higher returns on deposit accounts. Also, pick up gifts throughout the year. This is a great benefit to your wallet and your sanity so that you aren’t crunched for time shopping next December.

    Learn more about Telhio by visiting www.telhio.org.

    Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking,Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 10 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA.

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    Jaszmine Davis
    Jaszmine Davishttp://www.telhio.org
    Jaszmine Davis is currently the Marketing Coordinator for Telhio Credit Union and is responsible for Telhio’s internal and external communications, email marketing and social media. She has worked in the financial industry for over 10 years and is a member of the Telhio Advocacy Group. Originally from Los Angeles, California, Jaszmine currently resides in Gahanna, Ohio with her husband and two dogs and is actively involved in various local charities.
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