Here’s how to reduce your credit card debt this Black Friday

Credit card debt is on the rise, and with Tariffs At its highest level ever, that’s no surprise.

For many consumers, Black Friday – and the entire upcoming holiday season – will only exacerbate the problem and lead to even more credit card debt stress. Fortunately, there are things you can do to prepare and, ideally, reduce your debt before heading into the holiday season.

Want to make sure you’re prepared for the upcoming Black Friday? We asked some experts for their suggestions.

Explore your best debt relief options online now.

Here’s how to reduce your credit card debt this Black Friday

Here are four effective ways credit card users can start reducing their credit card debt now:

Consolidate your debts

A great option is Consolidate your debts. If you have multiple credit cards (or other debts you want to pay off), you can use one loan or credit card to pay off all of them, essentially paying them all together. Depending on the product you use, this often means a lower price and total monthly payment than before – and it’s possible for you Pay off debts faster.

“Consolidation is a great idea if you can move to a lower or no-rate card without a balance transfer fee,” says Mike Chadwick, president of Fiscal Wisdom Wealth Management. “The best time to do this is around the holidays, when the temptation is greatest.”

Be careful if you decide to use another credit card Consolidationas this could easily increase your debt if you use the additional credit card for post-consolidation expenses. If you decide to consolidate with a new card, be sure to compare offers from different card issuers as balance transfer rates and fees may vary.

“The possibilities are endless,” says Chadwick. “It’s all about shopping.”

Check out your debt consolidation options here.

Negotiate your interest rate

You can also try to negotiate the rate on your existing credit cards. As Jason Fannon, senior partner at Cornerstone Financial Services, puts it: “Call the issuer and ask them for a lower interest rate.”

It won’t always work, but it’s worth a try. Be sure to include reasons why you should get a lower rate. Are you in financial distress? Are you eligible for lower offers elsewhere?

“This is a negotiation,” Fannon says. “It allows the borrower to make their case – they may have an excellent payment history, have a competing offer from another issuer, or be temporarily unemployed, etc.”

Try debt relief

Debt relief is a type of Debt relief You can explore using credit cards. This means your credit card issuer agrees to waive some or all of your remaining balance – so you don’t have to pay it back.

“However, creditors typically only negotiate if you are behind on payments,” says Nate Towers, principal at Five Pathways Financial.

Note that when a debt is forgiven, it is considered taxable income and therefore may result in an increase in your annual tax bill.

Focus on one withdrawal method

You can also focus heavily on aggressively paying off your debt. Two popular methods are the snowball method and the avalanche method. With the snowball method, you focus on paying off your lowest balance debts first and make minimal payments on the rest. Once that’s paid off, focus on the next lowest debt and so on.

With the Avalanche approach, “you prioritize making the largest payment to the card with the highest interest rate,” says Fannon. “This process minimizes the amount the borrower pays in interest by addressing the debt with the highest interest rate first.”

Get help

If you’re not sure how best to get your debt under control as the holiday season begins, consult a financial advisor, credit counselor, or debt relief professional. They can help you determine the best path forward and answer your questions.