How to recover from holiday ‘debt hangover’

"If you've come up with an extra $100, put it toward the high interest rate card first," he said. "Once that gets paid off, keep using that extra $100 on the next highest and the next, until you get all the cards paid off."

Openshaw, who is the author of "The Millionaire Zone," said that consumers should think about how the post-holiday bills make them feel.

"Do they make you feel upset? Do they make you feel sick?" she asked. "If so, it should motivate you not only to pay off the debt but to avoid a repeat next holiday season."

She suggests consumers pay down balances as quickly as possible.

"If you charged $1,000 for your holiday gifts and make only minimum payments for rest of the year, on a high-rate card you could be paying $300 to $400 in interest alone over the rest of the year," she points out.

Consumers also can try to negotiate better terms with their credit card companies, Openshaw said.

"Don't be afraid to pick up the phone and ask," she said. "Stress that you've been a longtime customer, that you've been paying on time and that now you need some time to get your finances in order."

She added: "If you're not getting anywhere, ask to speak to a supervisor."

A good source of tips for dealing with debt is a brochure titled "51 Ways to Save Hundreds on Loans and Credit Cards" published by the Federal Deposit Insurance Corp. It can be found at the agency's Web site, http://www.fdic.gov/consumers under the Consumer News section.

Both Openshaw and Reed said that consumers who can't get a repayment plan going on their own should seek professional help. Lists of nonprofit counseling agencies can be found at the Web sites of the National Foundation for Credit Counseling, http://www.nfcc.org, and the Association of Independent Consumer Credit Counseling Agencies,http://www.aiccca.org.

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