How to Recover From the Holiday Hangover - Don't Ruin Your Mortgage!

What is a holiday hangover? No I'm not talking about New Years day waking up in the bathroom with the overwhelming smell of wine, champagne and whiskey from a night of copious drinking with the feeling of weakness. A holiday hangover is the aftermath of the gifts, dinners, champagne and traveling done on holidays which take a toll on your wallet causing a lot of people to fall behind on mortgage payments, car payments and any other debts. Some symptoms of the holiday hangover are:

- Regret

- Stress

- Feeling of emptiness (in your wallet)

- Headaches

- Buyers' remorse

Everyone can agree that racking up the bills and spending money is easy; however, that's when the buyers' remorse comes around - along with the credit card statements.

The key thing you should remember during any holiday is to budget, budget, budget! I'm not saying that you should shop for gifts at the local Dollar World but did you have to spend $1200 on that coat, $700 on a purse and a $500 pair of high heel shoes especially if you can't afford all of that? Some of that money could have gone to your mortgage. Develop a spending plan. Figure out exactly how much money you owe, how much you earn, create a budget and then determine how much money you have each month to pay down those high-interest debts, such as credit cards and mortgages.

If you're already feeling the symptoms of the Holiday Hangover, here are a few steps you can take:

Consider any assets you have that you could sell to earn some more cash. Your car could be one source of money, if you can live with taking the bus for a while.

Is there anyone that you live with who can work an extra job to bring in more of a total income?

Seek professional advice. Anyone who is licensed, experienced and ready to help can assist you to get back on the wagon, budget your money and finish you mortgage.

Personal loans from family or a friend can help you out a lot to pay off those larger bills like your mortgage. Make sure to make it a written agreement, including any interest rates and treat it like a loan from the bank.

Re-build your mortgage. By capitalizing on lower interest rates, you may be able to gather up extra cash every month by reducing mortgage payments, but this all depends on getting qualified and how much debt you owe. Always talk to your mortgage lender; you may be surprised with the options available to you!

The only way around debt is to budget. Don't over spend on the holidays (unless you have the money of course). Before taking any large steps, always consult an expert such as a mortgage broker who can help with rebuilding your mortgage with better terms. Since mortgage brokers are equipped with specialized resources, they can be your best bet in saving on your mortgage.

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