As seasonal spending hits its peak, financial experts suggest planning now to tackle holiday debt

According to a MoneyGeek survey, Americans spent around $1,131 on the holidays last year
Published: Dec. 13, 2022 at 12:13 PM AKST
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InvestigateTV - If you build up holiday debt this year, experts said you can avoid having it ruin your 2023 by formulating a plan to pay it all off.

According to a MoneyGeek survey, on average Americans spent around $1,131 on the holidays last year.

Kim Palmer a personal finance expert with NerdWallet said paying off this debt is simple. Step one: get organized.

Pull out all your credit cards, your most recent statements, your utility bills, everything you pay each month, then make a plan for yourself.

“It can actually be really helpful to use an online calculator like the ones we have at NerdWallet” Palmer said. “You just want to make sure you know how much to pay off each month and how long it will take you.”

She said check the interest rates on all your debt, so you can prioritize which ones to target first. Once you have this plan, the end goal of debt payoff is easier.

USA.gov has free resources for those tackling debt.