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'Cures' for your holiday debt hangover

By the end of January, you likely received the last of your holiday-related bills in the mail. Whether you stuck fairly closely to your holiday budget or unintentionally blew it completely, your bank account is likely feeling the strain of credit card debt and other holiday-related purchases. Thankfully, there are several things you can do to start alleviating your holiday debt hangover.

First, understand that you are not alone. Many people feel a great deal of guilt and shame about their holiday spending habits. While it is important to learn from your missteps, shaming yourself will not help you regain your financial footing.

Understanding that others are in your exact same position will hopefully help you regain perspective. A recent study conducted by Lexington Law indicates that nearly 6 out of every 10 American parents are willing to sink themselves into credit card debt in order to make their children's holidays a little brighter. As a result, you are not the only one receiving large credit card bills right now.

Second, understand that there are debt relief options available to you if your debt has either spiraled out of control or is verging on spiraling out of control. Your best bet is to speak with an attorney who is experienced in bankruptcy and other debt relief options. Once a professional has assessed your situation, you will be in a much better place to make informed decisions about how to regain financial stability now and into the future.

Source: YourTango, "Holiday Debt: The Real Problem With Fulfilling Kids' Wishlists," Alexandra Churchill, Dec. 12, 2013

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