RICHMOND, Va. (WWBT) - Americans were spending in December - holiday debt is up 8% from last year. According to a new survey conducted by MagnifyMoney, 44% of consumers took on debt this holiday season to the tune of around $1,325.
52% of Generation-Xers and 50% of millennials were guilty of this. And for a majority, 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. It would take more than 5 years to pay off $1,325 if just made the minimum payment of $30 a month. 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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