By Tim Kowols
Holiday shoppers are beginning to get their first look at what was spent on their credit cards and now must find a way to pay off their bills. According to MagnifyMoney, the average American added $1,054 in credit card debt last holiday season, up five percent from a year ago. The same study showed 29 percent of Americans will need five months or more to pay off the debt, often because of the credit card’s high interest rate. Gay Pustaver from Money Management Counselors says looking at the bill after the holidays is a good lesson to learn.
Pustaver recommends scheduling an appointment with a non-profit financial counseling service to get advice on how to tackle your holiday debt responsibly. As a part of creating a debt management plan, 15 Money Management Counselors clients are paying off over $400,000 in credit card bills.