Here's how you can tackle paying off debt from holiday spending
NORTH TEXAS – The holidays are over and now it's time to pay-up for all the spending!
Just over a third of consumers took on a considerable amount of debt to pay for purchases. The average amount was a little more than $1,000, according to a survey from Lending Tree.
For 22% of those with holiday debt, they say it will take them at least five months to pay it all off.
Experts say tackling debt isn't as hard as it seems.
"When you control your money instead of it controlling you, it's empowering," said Rod Griffin, Experian consumer expert. "It opens other financial opportunities. It opens a doors in life because you're able to take care of issues that arise."
Experts suggest consumers follow these steps to keep debt under control:
- Make a list of all your debts
- Set a goal and timeframe to completely pay off your debt
- Start making minimum payments
- Pay for your high interest credit card off first
- Once your debt is gone, open a savings account and start saving for a rainy day
