Joy of Christmas

Are the holiday bills of 2005 starting to haunt your mailbox?

If this is a dreaded time of year for your financial state, with the credit-card loans coming due, there are successful methods to address this potential monster. And it starts with some personal financial basics, according to a consumer credit counselling service.

First, assess your cash. How much do you have in the chequing account, money market or other cash balances? Many people aren’t 100 per cent sure, especially if they’re spending more time at the ATM than on balancing their chequebook.

Next, co-ordinate your bills. How often do you open the credit card company envelope, rip off the little payment sheet to send back with your check and then toss the rest of the mailing. Stop doing that. The rest of that form contains your overall balance, itemized spending and interest rate data. You need to know these things, especially if you’re rarely certain how the amount due got so high.

Prioritize your expenses. Which bills carry the highest interest rates, which bills have harsh penalties?

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