Depressed today? You’re not alone.

According to British Psychologists, today is Blue Monday – the most depressing day of the year. Apparently the foul weather, lack of daylight and feelings of guilt over failed New Year’s resolutions accumulate suitably by mid-late January to have us all at our lowest emotional points. And then, as if your failure to have as yet achieved a pre-baby Britney tummy – or even to get to the gym once – isn’t bad enough, the bank puts the boot in by sending you your January credit card bill, right around now. Cue the blues.

UK consumers each rack up an average of between £350 and £450 on Christmas expenses each year. When this is added to your regular monthly credit card spending, your January bill may induce fits of sweating, shaking, voluntary amnesia, or worse. To try to stave off some of the more severe feelings of self-hatred today, I’ve put together a short action plan to help with the financial aspect of your January blues.

Work out a budget
If you went ahead and spent on your regular credit card in the lead up to Christmas, and didn’t take advantage of a card that offered interest-free purchases as an introductory deal (naughty), you probably have between 2-4 weeks to pay the balance in full before you get charged any interest. You should firstly have a look at your finances and decide if there is any way you can budget this in order to avoid interest charges, even if it means dipping into your savings now and repaying them later. Even if your debts are relatively small, there’s no point in paying interest charges if it is in any way avoidable.

Shift your debts
If this is not possible, shift those debts elsewhere. Many credit card providers offer interest-free balance transfer cards in order to attract new business. They will let you transfer your existing balance for a fee, and offer a set period of between 3-18 months where no interest will be charged on the balance, allowing you to repay the debt over time without penalty. One good option at the moment is the Barclaycard Platinum credit card, which offers interest-free balance transfers for 14 months for a 2.5% handling fee.

Long-term planning
This should earn you some breathing space from the interest charges, but don’t stop there. To get the most out of your new credit card, you should use it for balance transfers alone, and not for new purchases, as the deal on interest-free purchases will more than likely be less than appealing. Instead, open up another credit card that specialises in offering a good deal on new purchases. The best card for you will depend on the type of deal you are looking for; some of the best include interest-free purchases for up to around 15 months, along with a range of other benefits, such as cashback, rewards, or air miles. A good option is the Capital One Platinum Card, which is currently offering interest-free on new purchases until November 2008, followed by the low APR of 9.9%.

Following this plan should help sort out your January finances. Unfortunately I can’t do anything about getting you into the gym, but at least your wallet will be a little bit happier.

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