Can't pay off your Christmas credit card debt?UPDATED 12:43 PM CST Jan 07, 2013
Can't pay off your Christmas credit card debt?UPDATED 12:43 PM CST Jan 07, 2013
If you can't pay off the new charges on your credit card from Christmas, you're not alone.
If you can't pay off the new charges on your credit card from Christmas, you're not alone.
The Iowa Credit Union League said their new survey found 29.8 percent of Iowans have no firm plan on how to pay their newly-acquired debt.
"It is not uncommon to spend more than you planned during the holidays, and much of what you spend ends up on your credit card," said Emily Caropreso, director of communications for the Iowa Credit Union League.
About 36.2 percent of Iowans in the survey said they saved throughout the year to pay off holiday debt.
"If you don’t have a plan to pay off your balance, now is the time to create one. Doing so will save you money along the way," said Caropreso.
The survey talked to 930 Iowa consumers.
The Credit Union League suggests trying to pay off the entire balance from savings or your tax refund, also consider creating a monthly payment plan to pay as much as possible as soon as possible or move the balance to a lower rate credit card.
The group suggests opening a holiday savings account to help pay for next year in advance. You can deduct money from your paycheck each month to help pay for next year with cash.
Have a lot of Christmas card debt or did you plan ahead? Add your comments in the box below or on the KCCI Facebook page.
Read more: http://www.kcci.com/news/project-economy/Can-t-pay-off-your-Christmas-credit-card-debt/-/9356884/18037398/-/h6gbuf/-/index.html#ixzz2HNvSTgQO
Read more: http://www.kcci.com/news/project-economy/Can-t-pay-off-your-Christmas-credit-card-debt/-/9356884/18037398/-/h6gbuf/-/index.html#ixzz2HNvSTgQO
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