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Holiday Hangover – A Credit Conundrum

Here’s a little fact to spoil your holiday cheer:  According to Nerd Wallet, 52% of American went into debt for Christmas 2022 and of that group, just less than a third of them still have not paid off the balance!

Here are some ideas for getting out of this debtor’s prison:

  1. Make at least the minimum payments. No matter how tight things are, don’t skip a payment.  Make at least the minimum payment or your credit score will be impaired.
  2. Pay off that balance! In my opinion, you should never carry a balance but should pay the balance in full every month, thereby avoiding interest charges.  But I should have shared this advice by in October – for some, it’s too late!
  3. Start planning for Christmas 2024 now. Yes it’s early.  Paying off Christmas 2023 is a good place to start.  Then save in advance for 2024 to avoid being in the same mess January 2025!
  4. Set spending limits and stick to them. This may apply not only to gifts, but also to what you’re going to spend on yourself.
  5. Don’t neglect other obligations like student loans. Fail to keep  up the payments and the balance will grow and your credit score will decline.

Christmas 2024 will be a lot merrier when you’re debt free – what a great present to give yourself.


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