I'm Laura Thornquist with today's Insider Savings tips.

Did you spend too much this holiday season? Six percent of Americans are still paying off their holiday debt from 2010. Don't let that be you; you need a plan.

Step 1: Double and triple up

  • Multiply your credit card minimum payment two or three times to reduce the interest you will pay

Step 2: Negotiate with your credit card company to lower your interest rate

  • If they won't negotiate, transfer your balance to a lower-interest rate card

Step 3: Go on a no-spend-diet

  • This is the hard one. Stick your cards in the freezer or give to a trusted friend or family member. This will keep you from any impulsive spending.

Step 4: Start couponing

  • Use coupons for your necessary purchases. This will save you money and educate you about what you are spending.

Step 5: Finally, stick to cash!

  • We tend to spend less when we only use cash.

You can find more great advice on my website, Good Luck!

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