Tips to Reduce Post-Holiday Debt from Citizens Financial Group
The holidays are a festive time of year, but often spending goes unchecked and can potentially lead to troublesome financial situations. Start the year on solid financial ground with helpful tips from Citizens Financial Group.


    /High Tech - Internet News Articles/ - PROVIDENCE, RI, January 30, 2008 - The holidays are a festive time of year, but often spending goes unchecked and can potentially lead to troublesome financial situations. Start the year on solid financial ground with helpful tips from Citizens Financial Group.

Below are a few simple ways to reduce and eliminate post-holiday debt before the situation becomes unmanageable:

• Establish a monthly budget - Record all of your on-going expenses, as well as your outstanding debt on a spreadsheet, so you can see where your money is really going. Include dates that payments are due, minimum payments and credit card interest rates. Once the necessities have been paid, prioritize which bills you will pay off next. Eliminate balances on high interest credit cards and pay more than the minimum on the rest if possible. Open a savings account with the money remaining from your budget each month.
• Investigate alternative borrowing options - An important thing to consider is whether to consolidate all your debt into one monthly payment. If needed, opening a home equity loan or line of credit can lower your interest rate, which will reduce monthly payments and give you fewer bills to pay each month. Consolidation can also make budgeting much easier.
• Look to the future - The new year offers an opportunity to act as a 'clean slate' from previous spending mistakes. Take this opportunity to get a copy of your credit report and make sure that everything is being reported fairly. Consumers should get a free copy of their credit report once a year. Also, take stock of the number of credit cards in your wallet. If possible, reduce the number of credit cards to avoid re-accumulating debt.
• Start saving - Once you have paid off all of your credit cards, look into contributing to a high interest money market account or certificate of deposit. By establishing a variety of investments, your financial portfolio will be more diversified and you will be better prepared to meet your financial goals in the future.
• Plan ahead for the next holiday season - Develop a realistic budget, contribute money to a savings account throughout the year and spend only what you can afford.

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Press Release Contact Information:

Barbara Cottam
Citizens Financial Group, Inc.
Director of Corporate Communicat
Voice: (401)456-7849
Website: Visit Our Website