Smart Solutions to Tackle Lingering Holiday Debt
According to a recent survey from CNN, more than 1 in 3 consumers said they spent more than they could afford on holiday expenses this past year. The average amount of debt taken on over the holidays? $1,249.
The survey found that most of that debt was put on high interest credit cards, with average interest rates for a third of those cards landing between 20% and 29%. For the first time ever, 40% of holiday debt was put on the so-called “buy now, pay later” apps to spread payments out, which comes with it’s own concerns, including late fees, deferred interest, and other penalties if you miss a payment.
If this sounds all too familiar and you’re experiencing the regret of those holiday expenses you put on a high interest credit card or a buy now pay later app, we can help. We have real solutions like debt consolidation loans and home equity loans that allow you to consolidate your debt into one lower monthly payment that fits your budget.
Contact us and let us review your situation and provide a judgement-free plan to help you tackle that holiday debt. We’ve been providing Real Solutions for Real People ™ since 1967.
Want more tips? Read about small habits that could improve your financial health in the New Year.