The holidays are a time of buying gifts for loved ones, traveling to see family and attending various parties and events. It can be an expensive time of year, and people are prone to make more purchases than normal on their credit cards. The end result is often a significant amount of credit card debt that an Arizona consumer will have to carry into the new year.

There are a few steps a person can take to regain control of his or her finances after accumulating a significant amount of credit card debt. One important step is to recognize the issue and focus on reducing spending. This can allow a person to begin managing balances and adjust spending after a season of consumption.

Christmas spending is often the final straw for a person who was already struggling with credit card debt before the holidays. When balances reach a point where a person cannot manage payments any longer, it is prudent to start considering options for recovering good financial standing and long-term security. For some consumers, this means paying off the debt or consolidating balances.

Simply paying down the debt is not always possible for an Arizona consumer already overwhelmed by other financial obligations, minimum payments, past-due balances and accumulating interest. In these situations, a person may find it beneficial to consider the benefits of bankruptcy. Through this process, it is possible to discharge most unsecured balances, including credit card debt.