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Still carrying holiday debt? Here's how to repay it & plan for this year

Mediafeed Logo By Barbara Balfour of Mediafeed | Slide 1 of 12: Long after the holiday season has passed, you might be getting less than welcoming credit card bills. And while red may have been the color of the holiday season, it’s not the color you want when those bills become due, said Daniel Geltrude, a Nutley, N.J. financial expert and author of “Positive Financial Karma.”Geltrude pointed out that excessive holiday spending can often be just a fleeting joy, with serious negative consequences on your wallet for many months to come. According to the National Retail Federation, consumers planned to spend over $1,000 on average this past holiday season. About three-quarters of Americans use credit cards to fund those purchases, while at the end of last year, 15% were still paying off holiday debt from 2017.The feeling of being overwhelmed by debt from holiday excess can be quite common. But with the right plan, it is possible to overcome it and get on track in time for this year’s holidays.

Start with a plan

Long after the holiday season has passed, you might be getting less than welcoming credit card bills. And while red may have been the color of the holiday season, it’s not the color you want when those bills become due, said Daniel Geltrude, a Nutley, N.J. financial expert and author of “Positive Financial Karma.”

Geltrude pointed out that excessive holiday spending can often be just a fleeting joy, with serious negative consequences on your wallet for many months to come. According to the National Retail Federation, consumers planned to spend over $1,000 on average this past holiday season. About three-quarters of Americans use credit cards to fund those purchases, while at the end of last year, 15% were still paying off holiday debt from 2017.

The feeling of being overwhelmed by debt from holiday excess can be quite common. But with the right plan, it is possible to overcome it and get on track in time for this year’s holidays.

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