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If you spent more than you expected to on Prime Day, you’re probably not alone. Read on for ways to shrink your Prime Day credit card balance before it becomes a problem.
Image source: Getty Images
Amazon Prime Day took place on July 11 and 12 this year. If you took advantage of the online retail giant’s mega sale, you’re in good company. And if you’re now staring at an overwhelming credit card balance, you’re also most likely in good company.
The average household spent $144.58 during Prime Day, according to market research firm Numerator. But if your total Prime Day tab was a lot higher than that, then you may be regretting your decision to make all of those purchases.
If that’s the case, don’t stress too much just yet. You may be able to attack your credit card balance so it’s paid off quickly, sparing you the cost of accrued interest. Here are a few things you can do to tackle that Prime Day debt.
1. Cut your spending daily and apply that savings to your debt
There may be things you spend money on regularly, whether it’s takeout meals or yoga classes. If you don’t want your Prime Day debt to linger, skip some, or all, of those luxuries in the coming weeks.
In fact, one thing you may want to do is commit to skipping one purchase a day for the rest of the month. It could be a $3 coffee or a $15 streaming service you hold off on renewing. By the time your credit card bill comes due, you may end up in a position to cover it after all.
2. Redeem your credit card points
If you have a bunch of credit card rewards points banked, now may be a good time to redeem them for cash back or a statement credit that allows you to whittle down your balance. You may have been saving up those points for other things, like holiday travel, but if you’re facing the possibility of debt and future interest charges, then it really doesn’t pay to wait.
3. Pick up a side gig
You may not be thrilled with the idea of having to hold down a second job on a long-term basis. But if you want to shed your Prime Day debt in short order, get a side hustle you do on a temporary basis.
There are many gigs you can sign up for that don’t require a long-term commitment. Driving for a ride-hailing service, for example, is something you can do for a couple of weeks and then decide that you’re done with it.
And there may be other gigs, like data entry, that allow you to accept temporary assignments and then peace out with no hard feelings. Spend a little time exploring your options to find the right fit.
Events like Prime Day can easily lead to overspending, so if you overdid it, try not to beat yourself up. It’s hard to say no to great deals when they’re presented as a one-time thing, and some of the purchases you made on Prime Day may have been necessities.
At the same time, it does pay to do what you can to shed that debt quickly. The sooner it’s done with, the sooner you can really enjoy your Prime Day purchases without guilt.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon.com. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.
