KALAMAZOO, Mich — Carrying over a credit card balance from month to month is always a bad idea, but it’s an even bigger problem nowadays.

That is because even though the federal reserve has started cutting interest rates, it could take a long time for credit card rates to return to where they were.

“It’s more important now that folks are vigilant about paying off and maintaining low credit card balances,” said Matt Ross, an Associate Professor of Finance with Western Michigan University’s Haworth College of Business.

“My guess is that it will take time for those rates to come back down, to where they were, and that really may take many years to come back down.”

Kalamazoo resident Melba Colca goes all in on her Christmas shopping every year, but won’t go into debt.

“I always pay off my credit card at the end of Christmas. I never let it carry over,” said Colca.

If you did spend too much on holiday shopping, Ross said there are several steps you can take to get on better financial footing. He said look at your monthly subscriptions, see what you can do without and drop them to save money.

He also suggested returning items, if you can. You can also sell items you own through an online marketplace to pay off debt.

“If it’s possible, getting out and speaking with an accredited financial counselor, would be a really helpful way to come up with a really structured plan” said Ross. That expert might provide the discipline you need to get out of a holiday shopping hole.