How to Recover from Santa Shock

kids looking santa and reindeer

If you’re looking back on the holidays with dread because of the extra debt, you’re not alone. Here’s what you can do to recover from holiday spending.

Budget Credit Card Debt

Budget carefully to pay down credit card debt as soon as you can. It’s worth it to feel the squeeze for a few months in order to pay off those bills sooner. The longer you take to pay off the debt, the more you’ll be paying in interest.

Think about Refinancing

Consider refinancing on any super-large purchases you’ve made, like a new car. For a limited time, when you refinance an auto loan from another lender with us, you won’t have to make a payment for 90 days.¹ The money you’re not spending on your auto loan payment, you can apply towards paying off holiday credit card debt.

Get Debt Counseling

If you’re really in over your head, don’t hesitate to speak with a financial counselor. Our Partners in Financial Health program gives you access to free credit counseling and free online educational resources. A GreenPath credit counselor can also help you learn how to set up and manage a monthly budget and track where your money goes each month.

Consolidate Debt

Debt consolidation can be a great way to swap out high-interest credit card balances for a much lower rate. Moving your balances from high-rate credit cards to our Rewards Platinum Visa, could help you get out of debt faster by reducing your monthly bills. 

Take steps today to start paying down your holiday bills and make them history.


¹Ninety-day payment deferral is available to qualified borrowers for auto loans approved through standard lending guidelines (without exceptions). Regular finance charges continue to accrue during the deferred payment period. Offer valid on auto loans funded between 11/01/19-12/31/19. Not applicable on motorcycle, RV, boat loans or current Partner Colorado auto loans.