Stop spending. Right now. If you’ve already overspent at Christmas time and racked up some sizeable debt, it’s time to put away your credit card and stop spending. Right now!

Try only taking the cash you need with you when you go shopping and leave your debit or credit card at home. That way, even if you are tempted into buying something, you won’t have the means.

Better yet, avoid going to the shops altogether. Try online shopping for necessities only – that way you’ll have more control over your budget and less chance of being lured into buying something you really don’t need.

Pay the minimum repayment The interest charged on credit cards can be crippling and quickly stacks up. At the very least, you need to pay the minimum amount owing for your credit card repayments to stay on top of interest charges.

If you’ve more than one credit card, aim to pay off the credit card with the highest interest rate first. Or, try clearing the credit card with the smallest debt to help you stay focused on achieving your debt repayment goals.

If you’re paid fortnightly, allocate part of your earnings every fortnight to repaying your credit card debt, essentially making two credit card repayments each month. You could even set up an automatic payment of a fixed amount from your earnings to be paid directly into your credit card, which means your credit cards are paid before you have a chance to spend the money.

Talk to a financial adviser When it comes to managing debt, not everyone is financially savvy. Some of us need a little help and some unbiased advice around the best way to manage expenditure. A financial adviser will take a close look at your earnings and outgoings, help you devise a realistic budget, and even provide advice about debt consolidation strategies.

Start 2018 off on the right foot and clear your Christmas debt hangover by getting in touch with Eddie Biesenbach today. It’s vital you seek assistance as soon as possible if you’re unsure about your current financial situation and the best means of clearing your debt.