Top Five Ways to Manage Holiday Debt from OnPoint Community Credit Union

OnPoint shares practical tips to tackle holiday debt in 2025

PORTLAND, Ore. – Jan. 8, 2025 — The holidays may bring joy, but for some consumers, they also bring debt. 33% of Americans began the 2024 holiday season with more than $5,000 in credit card debt and 44% felt pressured to spend more than they can afford*.

OnPoint Community Credit Union has five timely tips for consumers to manage post-holiday debt and start the year on a path to financial wellness.

“Even if you have a monthly budget, it is easy to overspend during the holiday season. In fact, some consumers are still paying off their 2023 holiday spending,” says Meredith Bureau, Hillsdale branch manager, OnPoint Community Credit Union. “These are the strategies we recommend to our members to tackle debt head-on and stay in control of their finances – through and after the holidays.”

Top 5 tips from OnPoint:

1. Avalanche vs. Snowball Method
   It may be tempting to choose the snowball method by paying the smallest amount off first. However, OnPoint recommends the avalanche method, which focuses on higher interest debt first. Consumers will save more money in the long run by reducing interest faster.
2. List and Prioritize
   Gather statements for all your debts and list the amounts owed, interest rates, and minimum payments. This helps focus on the most important debts and create a clear repayment plan.
3. Budget Adjustment
   Reviewing monthly budgets are a good way to see where to cut back. Simple moves such as canceling unused subscriptions, eating out less, and buying cheaper groceries can save $250/month. Even small changes like making coffee at home instead of stopping by the coffee shop can save more than $1,000/year.
4. Balance Transfer High-Interest Debt
   Consider transferring high-interest debt to a credit card with a lower Annual Percentage Rate (APR) for 12 to 18 months. This can help save consumers a big chunk on hefty interest charges. OnPoint recommends setting a reminder to pay off the transferred amount before the intro rate expires. OnPoint offers a 1.99% APR for 12 months on balance transfers for qualifying members.
5. Get Professional Help
   Managing debt can feel overwhelming; Speaking with a financial advisor or debt counselor can help. OnPoint offers one-on-one debt counseling through GreenPath Financial Wellness to help members manage debt and work toward financial stability.

Managing holiday debt is an important step toward taking control of your finances and reducing stress. OnPoint is here to help with resources and personalized support to guide you toward financial wellness. For more information, visit OnPoint Community Credit Union.

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About OnPoint Community Credit Union

OnPoint Community Credit Union is the largest credit union in Oregon, serving over 581,000 members and with assets of $9.4 billion. Founded in 1932, OnPoint Community Credit Union’s membership is available to anyone who lives or works in one of 28 Oregon counties (Benton, Clackamas, Clatsop, Columbia, Coos, Crook, Curry, Deschutes, Douglas, Gilliam, Hood River, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Morrow, Multnomah, Polk, Sherman, Tillamook, Wasco, Washington, Wheeler and Yamhill) and two Washington counties (Skamania and Clark) and their immediate family members. OnPoint Community Credit Union is federally insured by the National Credit Union Administration (NCUA). More information is available at onpointcu.com or 503-228-7077 or 800-527-3932.

Disclosures

Promotional offer valid 1/1/25 – 2/28/25 and subject to change. All OnPoint credit cards are subject to credit approval.

The 1.99% promotional Annual Percentage Rate (APR) applies to balance transfers for the first 12 months of the transfer. Then, the balance transfer APR will increase to the APR for cash advances: 14.50% to 25.00% (Platinum Visa), 15.50% to 26.00% (Platinum Visa with Rewards), or 16.50% to 27.00% (Signature Visa with Rewards and Signature Visa with Cash Back Rewards) based upon credit qualifications. All rates current as of 1/1/25 are variable and subject to change. Balance transfer must be completed by 2/28/25. Offer open to new and existing OnPoint credit card accounts. The promotional balance transfer offer excludes paying existing OnPoint lines/loans. Promotional APR may end as indicated in the OnPoint Visa Credit Card Agreement or OnPoint Visa Signature Credit Card Agreement. All terms including APRs and fees may change as permitted by law and the OnPoint Visa Credit Card Agreement or OnPoint Visa Signature Credit Card Agreement.

*https://www.creditkarma.com/about/commentary/one-third-of-americans-enter-the-holiday-season-in-the-red