by Joseph Kenny | 02/5/09

Credit card debt is the gift that keeps on taking during, as well as after, the holiday season.

Following the New Year's celebration, the realization of how much debt you have accrued over the holidays sets in. It is predicted that the year 2009 will be a very difficult year for consumers financially and so paying off those debts quickly and early is the best way to avoid being dragged under.

There are many ways to get a handle on your debts, but all of them take hard work and honesty about your debt.

One of the most obvious ways to avoid spending money you don't have during the holiday season is to save up the money in advance.

Simply take money out of your paycheck and deposit it in a high interest yielding savings account. If you put a little money there each paycheck, you will never even notice it, especially if it is only around fifty to one hundred dollars, which you might have easily spent on a night out with dinner and a movie.

Many banks offer what is called a holiday savings account and it can take as little as five dollars to begin one. The program can use money from either your checking or savings account each month and the money is taken out automatically according to whatever amount you choose. It is best to pick an amount you will never even miss, and in the end - it all adds up!

With the withdrawal happening automatically, you can never slip up and use the money you were supposed to spend. Many banks throughout the country offer a holiday savings account with no fees or service charges. Starting a holiday savings account can make the difference between being buried in an avalanche of debt in the New Year or having a truly happy holiday season.