Credit card debt can really take its toll this time of year. Not only is the average credit card holder already carrying nearly $8,000 in credit card debt, but during the holiday season, many of us are tempted to rack up the balances even further to manage that holiday gift list.

Throw in today’s soaring credit card interest rates (over 23% on the typical credit card), and paying down that debt can feel even more challenging than normal.

Is that credit card debt a problem you should try to tackle now, though? Or should you wait until the hustle and bustle of the holidays has slowed down? Here’s what experts have to say. 

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When you shouldn’t wait until after the holidays to tackle your debt

If you think the holiday season is only going worsen your credit card debt problems — or tempt you to overspend — then starting to tackle your debt today is best, experts say. 

“Debt elimination isn’t a two-week process, so starting before or after the holidays has no effect — unless you get yourself into more debt because of the holidays,” says Steve Charlton, principal at Wisdom Financial. “Then you have to pay more interest on Christmas gifts or vacations.”

You should also act now if you want to avoid racking up any more interest on your credit card debts. 

“The major drawback of waiting is that interest accumulates daily,” says Curt Scott, president of Scott Financial Group. “This results in a higher loan balance when you do start tackling debt in January.”

Finally, if you just want to go into the new year a little bit ahead of the game — and with less of a mountain to climb — taking steps toward debt relief now can be wise. 

“The best time to plant a tree was 20 years ago. The second best time is today,” Charlton says.

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When you should wait until after the holidays to tackle your debt

There are really only two benefits that come with waiting to tackle your high-rate debt. The first is less stress — both financial and mental.

“Waiting until after the holidays to tackle debt can help avoid further budgetary strain during an already expensive time of the year,” Scott says. “Waiting can also provide some emotional relief during a holiday season that can be stressful, helping focus on spending and enjoying time with family and friends.”

Waiting it out could also allow you to better “focus on your debts without distraction” in the new year, says Howard Dvorkin, chairman of Debt.com.

“It’s hard to deal with debt during the holidays,” Dvorkin says. “That’s like saying you’ll start your diet on Thanksgiving day. Most Americans deal with their weight and their debt in January. That’s when they step on the scale and get their credit card statements. In both cases, they’re horrified by how big the number is. That’s when they get serious.”

The bottom line

Whatever path you choose to take, it’s important to have a plan before diving in. Set a budget to help you pay down your balances, and talk to a financial professional or credit counselor if necessary. You can also contact a debt relief company or explore debt relief options like debt consolidation, debt forgiveness or a debt management program.

Most importantly, you’ll need to address the root of your debt problems. 

“It is important to identify the early signs that you may have a debt problem and make immediate behavior changes to avoid debt excessive accumulation,” Scott says. “People tend to continue their habits unless they make a conscious effort to change.”