Holiday Bill Overload? Protect Your Wallet and Reset Your Finances in 2026

Article presented by Rathkamp Financial …

COLUMBUS, Ohio — With the holidays officially over, it’s a matter of time until credit card bills from last month’s spending find their way into Ohioans’ mailboxes. While many individuals may be tempted to quickly set those bills aside, the Ohio Department of Commerce Division of Financial Institutions (DFI) encourages everyone to slow down, review statements for any questionable charges, and consider how they might keep their financial goals on track in 2026.

According to a recent report, the average credit card balance per consumer now stands at $6,523, which is up 2.2% year over year. If that sounds like you, the Division recommends taking the following steps: 

• Negotiate a lower interest rate. Call your credit card company and highlight your history of on-time payments or mention competitive offers from other lenders. Even a small reduction can save you money over time.
• Try a low-spend month. Commit to spending money only on essentials, such as housing, transportation, and groceries, for 30 days. This can be an effective way to offset holiday costs and reset your spending habits.
• Create a debt payoff plan. Don’t panic if you can’t pay everything off immediately. Instead, develop a realistic plan to tackle your debt as quickly as possible – and stick to it.
  

“All of us want to start the year feeling confident about our finances,” said Division Superintendent Kevin Allard. “Taking time now to review your financial situation and make some changes can help you set the stage for a stronger financial future this year and beyond.”

This is also a good time to thoroughly review your credit card statements to ensure there aren’t any unusual or strange charges. If you discover such charges, you should take the following steps: Lock or cancel your card; report the charge to your card issuer; update your online accounts including passwords; review other recent transactions and accounts; file a report with the FTC; and consider filing a police report since some banks and credit bureaus may require that in the event of large losses.

For more information and resources on financial health, fraud prevention, and credit improvement, visit the Division’s Office of Consumer Affairs website at com.ohio.gov/OCA.