Now that Christmas is in the rearview mirror, a clearer picture is developing around the kind of debt Americans racked up over the holidays…and it’s a lot.
While some managed to keep costs in line, LendingTree reports that one-third of Americans went into debt. The company tracked the trend and found that the average holiday debt rose 24% from last year to almost $1,550. To put that in perspective, this is the highest amount of debt in eight years.
If this scenario sounds familiar, consider these options to tackle some of that debt:
- Find a zero percent balance transfer card. This will allow you to pay down some debt without accruing new interest.
- Call your credit card company and ask for a lower rate. LendingTree reports that 70% of those who asked for a lower APR received one.
- Pay off the card with the lowest balance first. This will give you some forward momentum and get you feeling good about paying off debt.
Source: CBS News