Each year the average American racks up more than $1,000 in credit debt from the holidays. In
2018, average American added $1,230 to credit card debt according to an annual survey by
MagnifyMoney. This amount increased from $1,054 in 2017 holiday season, and $1,003 in 2016.
Holiday debt happens, but figuring out how to pay it down quickly doesn’t have to be stressful and
can be as simple as setting up a monthly payment plan above the minimum payment amount, or
using a zero percent balance transfer card to save money on interest. Paying down debt is just like
reaching any other goal, it requires a hard look at cash flow to see where money is currently being
spent and making adjustments to free up money to go toward paying the debt. A plan can be put in
place by choosing a specific dollar amount each month to go toward the debt. For example, a debt
balance of $600 can be paid at $100 each month over a 6 month period. Consulting with a financial
professional can also provide benefits to assist you in approaching your debt repayment strategy.
Reach out today for a complimentary conversation on how to start managing holiday debt today!