It’s a new year. The holidays are over. And if you used credit cards to pay for any of those holiday gifts you, like many consumers, might now be suffering from a post-holiday credit card hangover. That’s when the reality of holiday overspending sets in and you go from thinking about deals to focusing on debt.

Even if you haven’t yet received your first credit card statement since finishing your holiday shopping, now is a good time to think about it. The sooner you start tackling that holiday credit card debt, the better. Let’s talk more about why you might be suffering from a credit card hangover and what you can do about it in coming weeks.

Causes of Post-Holiday Credit Card Hangovers

One of the most common reasons for post-holiday credit card hangovers is over-spending. Consumers spend more than they would in a typical month because they buy gifts for multiple people. They might purchase a small gift here and a small gift there, never really thinking about the total accumulated debt until their credit card bills arrive. Those gift purchases can really add up.

Another reason for increased debt over the holidays is the purchase of big ticket items. For example, you might choose to buy a new big screen television for the family either as a holiday gift or simply to take advantage of year-end sales. In this case you go into it knowing exactly what you’re spending, and you have the expectation that you’ll pay for the purchase over time. But sometimes getting caught up in the excitement of making a big purchase can make us forget the real cost over time — the interest, how the monthly payments will affect general budgets, etc.

How to Cure a Credit Card Hangover

If you’re suffering from a post-holiday credit card hangover, it’s best to come up with a plan as soon as possible. For example, if you came into money over the holidays (such as from gifts or a year-end bonus at work) you might put that all towards your credit card balance.

Another option is to start thinking about longer-term payments if you can’t pay off your balance in full quickly. Re-work your personal or family budget in a way that lets you pay as much as possible to your credit card companies each month. For example, if you expected to pay $200 per month on your cards to pay off holiday credit card debt, figure out how to adjust your budget so you can pay $300 per month instead. The more you pay each month, the less you’ll pay overall because of interest payments.

If nothing else, consider making an extra payment right now. If you have interest free days, make as large of a payment as you can before interest rates kick in.

Don’t let a post-holiday credit card hangover get you down. Just focus on planning. Come up with a plan to get out of holiday credit card debt right now. And then come up with another plan — one to avoid it in the first place the next time the holidays roll around.