WATCHING YOUR WALLET: Holiday Debt Hangover

How to get back on track after holiday spending

(INVESTIGATE TV) - Did you spend too much over the holidays? Feeling a bit of a financial hangover?

The real holiday is when you pay it all off.

Americans were spending in December 2019. Holiday debt is up eight percent from last year. According to a new survey conducted by MagnifyMoney, 44 percent of consumers took on debt this holiday season to the tune of around $1,325.

Fifty-two percent of Generation Xers and 50% of millennials were guilty of this.

And for a majority of consumers, this debt was not the plan.

If you did this, make a plan now!

Write down your debt and create a budget for paying it off. And just paying the minimum on credit debt should not be the plan!

Get this! It would take more than five years to pay off $1,325 if you just made the minimum payment of $30. And you'd pay more than $600 in interest!

To get started, tackle your most expensive debt first. Pay more than the minimum, every dollar you can.

Are you getting an end of year bonus? Use that! Put your credit card on ice, so you don't add any more to it.

And don’t save your credit card information on any online sites like Amazon and others not only for security reasons but to curb the urge to click and buy while you tackle this debt.

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