Average Holiday Debt Has Jumped To 8-Year High

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

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