It’s the season of giving, and for most people that means spending a little more this month. Many Canadians will pay for Christmas presents this year with credit, but unless you have a plan in place to pay it off, you’ll be stuck with a holiday debt hangover. But you don’t want to delay the payment of holiday debts, or avoid even paying the minimum payments.
“Don’t ignore it, don’t just throw it in a drawer because you don’t want to face it,” says Brian Betz, a credit counselor with Money Mentors. “Give us a call if you need help, but you don’t want to stick your head in the sand.” Credit card agencies now have to calculate how long it will take to pay off a card right on the bill—and the results can be staggering. “The last one I looked at this morning was a 143 years,” Betz says.
When it comes to tightening your holiday spending, making a budget and sticking to it will really go a long way. If you have any financial questions or comments, don’t hesitate to contact me. If I can’t answer it, I know the person who can!
