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Financial Resolutions

Excerpt: If you're like many Americans, getting into shape is at the top of your New Year's resolution list. For others, the New Year is a chance start over and do things differently financially. While we can't help you tone your abs, we can help you get financially fit. Here are five tips to help you get your finances in order.

If you're like many Americans, getting into shape is at the top of your New Year's resolution list.

For others, the New Year is a chance start over and do things differently financially.

While we can't help you tone your abs, we can help you get financially fit. Here are five tips to help you get your finances in order.

1. Get rid of holiday debt.
U.S. consumers will spend $219 billion on gifts this holiday season, according to the National Retail Federation. 30 percent of these purchases will be made on credit cards.

Debt hangovers from the holidays can be extremely painful. Not paying off your holiday debt can mean high interest payments; plus your credit is tied up while you pay down your debt.

If you're in this boat, you'll want to do some planning. First, if your holiday debt is largely on credit cards, add up the debt on each and figure out just how much you can afford to set aside monthly to pay the cards down. Don't be overly aggressive in your estimate -- you need a workable plan.

To be sure you'll pay off something on each card each month, but put the most down on the card with the highest interest rate.

Keep in mind, too, that this is a good time to contact your credit card issuer and ask for a lower interest rate. They will often oblige, particularly if you have a card offer with a lower rate on hand to mention.

Pay more than the minimum payments. Try not to take on additional credit card debt while you work off your existing holiday bills.

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