Watching Your Wallet: don’t let holiday debt linger

Published: Nov. 23, 2020 at 11:26 PM EST
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LANSING, Mich. (WILX) - Are you still paying off last year’s holiday debt?

You’re not alone.

According to a survey by our partners at the financial website nerdwallet, 33 percent of Americans are still paying off Christmas 2019.

Investigative reporter Rachel Depompa has ways to get your 2020 shopping on track.

40 million Americans still have lingering credit card balances from holiday shopping in 2019.

Don’t let your 2020 debt linger into 2021. Find a way to pay off those balances. Kim Palmer, a personal finance expert with nerdwallet, says it’s so common and easy to go into credit card debt this time of year.

“Even sometimes if you have the intent of paying it off right away or in the early months of next year. People just don’t get to it. Other expenses come up especially right now when people are facing so much financial stress 1:40 it can add to that stress to take on credit card debt around the holidays,” said nerdwallet personal finance expert Kim Palmer.

Remember to set limits. Everyone is feeling the pinch this year, so talking with family members now and setting up holiday guidelines for how much you will spend is a great idea.

Also, try to buy your gifts out of savings and just cut down on all amount you are spending.

So you’re not loading up your credit cards with an extra thousand dollars to pay off in January.

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