Got Holiday Debt? Pay Off Your Credit Cards Quickly with These 5 Tips


By:  Taylor Tepper

For:  Newsweek


That queasy feeling you got last month after you overindulged at a holiday party or knocked back one too many glasses of bubbly on New Year’s Eve? Chances are you may suffer a similar sensation this month when your credit card bills show up—stark proof of the toll your holiday travels, entertaining and generosity are taking on your finances.

Plenty of people share your pain. The typical consumer racked up more than $1,300 in debt over the holidays, according to a MagnifyMoney survey, with Gen-Xers owing the most, at $2,076 on average. Compounding the problem: Seven in 10 borrowers already had a balance on their credit card before the giving season began.

“It isn’t splurging for that one big, expensive gift—the car with the bow in the commercials—but all of the hundreds of small, seemingly insignificant transactions that you don’t appreciate until the credit card bill […]


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Last modified: March 3, 2020

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