We’ve all been there: buyer's remorse after a season of frenzied spending and often overspending. That joy of gift giving quickly turns to panic when you receive your year-end credit card statement. If this sounds familiar you aren’t alone. Of shoppers polled by LendingTree, 36% said they racked up debt this holiday season, spending an average of $1,181 per person.
Starting the new year with extra credit card debt, especially if you are in retirement, isn’t ideal. After all, it can negatively impact your cash flow and if left unchecked, quickly gets out of hand, especially if you are only paying the minimum. But it doesn’t have to keep you down, says Bruce McClary, a spokesman for the National Foundation of Credit Counseling. There are strategies that McClary says should work to put a dent in those holiday excesses.
