I’m going to make this particular blog post short and sweet, because I feel as thought I’ve said it on repeat this week– be careful of your spending this holiday season!! I mean, I’m not trying to be Ebenezer Scrooge about the whole thing, just trying to give a little perspective about the consequences of getting plastic-happy with the credit cards this season. I thought of a couple very nifty little tools that can work like, say, magic elves in helping you stay on track of your debt and credit score in the coming month or two. Tools like a debt repayment calculator and Experian’s credit score planner can really lend a hand towards tackling your financial goals this year and help to keep you on task during the season of shopping gluttony (new term, coined by me. ) But first, a word from Michael Hyland of Fox 43 News about how much money actually gets tossed around this time of year:
“Last year, the National Retail Federation found Americans spent more than expected the weekend of Black Friday. This year, America’s Research Group projects 22.5 percent of consumers will use credit cards for their holiday shopping, even as some continue to pay off debt from last year.
The NRF projects Americans will spend about $586 billion this holiday season, an uptick of about 4.1 percent over last year.
ClearPoint Credit Counseling Solutions, a non-profit group that advises people on debt management and other issues, offers several steps for tackling their debt.”
Click here to read Hyland’s eye-opening article about how much money consumers spend during Christmastime and his suggestions for how to keep finances in check.
Holy smokes. $586 billion spent during the holiday season this year, now that’s just madness! But what’s really crazy is racking up a whole bunch of debt in one month, that it’ll take you til that month next year to pay off. I won’t say it again… okay, yes, I will just one more time: spend smart, stick to your budget and avoid the January debt hangover!!