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The Best Way To Handle Growing Debt After Holiday Overspending

Holiday overspending is a prevalent issue that many individuals confront over the holiday season. It is simple to get caught up in the holiday spirit and wind up spending more than you can afford due to the temptation to purchase gifts for loved ones, decorate houses, and attend activities.

Overspending, however, can result in debt and financial hardship that last into the next year. There are specific resources and options available in Canada to help individuals dealing with this issue. With the right plan and some discipline, it is possible to get your finances back on track.

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

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Holiday Overspending: Debt Remedy

 1. Create a budget

Your finances are back on track after Christmas overspending, you must establish a budget. Making a list of all of your sources of income and regular spending, followed by categorizing it, is the first step in assessing your income and costs. Next, to maintain motivation and attention, create a savings target for yourself. Trim the fat by figuring out where you can make savings, such as cutting back on eating out or subscription services.
Make a strategy for your financial management, which should include automated bill payments, a spending plan for luxuries, and a budget for discretionary purchases. Follow your progress by keeping track of your expenditure and comparing it to your budget. Be adaptable and make any required adjustments to your budget. Keep in mind that a budget is a tool to assist you in managing your finances, not a rigid set of guidelines.

2. Prioritize your debt 

Setting priorities for your debt after Christmas spending is important for regaining control of your money. Making a list of all of your bills, including the creditor, interest rate, and minimum payment due, is the first step. Next, order your debts according to their interest rates, starting with the ones with the highest rates. Long-term savings will result from this since high-interest loans may mount up rapidly. Following your debt prioritization, be sure to pay the least amount due on each obligation while making additional payments on the one with the higher interest rate. If you have several credit card bills, it’s also vital to think about debt consolidation because it may help you manage your debt better and decrease your interest rate. To pay off your debts as quickly as possible, keep in mind to be consistent with your payments and adhere to your budget.

3. Consolidate your debt

After spending over the holidays, consolidating your debt might help you better manage debt. It includes consolidating several loans into one, which makes it simpler to administer and frequently results in a reduced interest rate. There are various options for debt consolidation, including: 

  • Transfer your high-interest credit card debt to a balance transfer credit card with a reduced interest rate.
  • Take out a personal loan to pay off your bills; the interest rate may be lower than that of credit cards.
  • Loans for debt consolidation are expressly intended to combine different debts. They are provided by financial entities like banks or credit unions.


It is indeed essential to compare the interest rates, costs, and terms of several solutions before combining your debt, and to be aware of the consolidation’s overall price. To resist the temptation of taking on further debt, it is also imperative to terminate the credit accounts you have paid off. Keep in mind that debt consolidation does not address the underlying issue of excessive spending; instead, you must address this issue, make changes to your spending patterns, and establish a budget if you want to prevent further debt accumulation.


4. Make extra payments

 An excellent method to pay off your debt more quickly and save money on interest is to make additional payments after overspending during the holidays. The secret is to have additional cash on hand to use for debt repayment. Here are some options for making additional payments:

  • Prioritize high-interest debt: Make additional payments initially on the debt with the highest interest rate to give it priority. Long-term savings are possible because high-interest loans may swiftly accrue interest.
  • Automate payments: By setting up automated payments for your debts, you may opt to make additional payments without having to think about it and ensure that you are making at least the minimum payment on time.
  • Reduce spending: Look for areas where you can reduce spending, such as cutting back on dining out, subscription services, or finding less expensive alternatives for items like cable or internet. You can utilize the extra money you save to make further debt payments.
  • Plan ahead: Decide how you will utilize any extra funds to make further debt payments. This will support your determination to achieve your aim of eliminating your debt as quickly as feasible


5. Get a part-time job

After overspending during the holidays, getting a part-time job might be an effective way to boost your income and reduce your debt. You may use a variety of resources to find part-time work, including the internet, local companies, being flexible with your job search, and proactive networking with friends and family. Always be truthful with your job, and make a schedule for juggling your personal and professional obligations.


6. Seek help

It is a good idea to get assistance if you find it difficult to handle your debt on your following holiday spending. Numerous solutions are available, including credit counseling organizations, government initiatives, and financial consultants, who may provide you with the instruments, direction, and support you require to get back on track. It is essential to act right away and to avoid feeling embarrassed about the circumstance; these experts are there to assist you, not to pass judgment.


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How our Debt Relief Program works:

  1. Try our Free Debt Consolidation Calculator
  2. Talk to our Debt Specialists 
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  4. Reduce your Payments up to 75% with a personalized Debt Relief Option
  5. Submit your Debt Consolidation Approval to your creditors
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  7. Start paying your debt at a more affordable amount
  8. Be Debt-Free


Never miss this opportunity and choose our Ontario Government-Approved Debt Relief Program as your debt relief option. Stop all your debt worries, sleepless nights, and harassing phone calls, and take advantage of the benefits you can get from our Ontario Debt Relief Program.

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Jennifer Chenier
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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
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"So glad I finally had the courage to make the call" Suma was amazing.. she guided me through my options and got the answers to all my questions. By the end of our very first phone conversation I had hope again...finally...no more sleepless nights worrying my debt ....Thank you National Debt Relief Services
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.

Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

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Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.


This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

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Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
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I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
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Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
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Amber-lyn Miller
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Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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