Paying Back Holiday Debt
Jennifer Profitt/WSMH-TV/FOX (Flint, MI)
24 December 2015
You might be doing some last minute gift-wrapping tonight and maybe the cost of all those gifts is finally hitting you. If you’re looking at some holiday debt, you’ll want to think about your re-payment plan.
“If you didn’t plan you have to say ok, we spent this much for Christmas, what is our plan to pay it? Otherwise, you might be maintaining this debt for quite a long time,” said Financial Counselor Midea Porterfield with GreenPath Financial Wellness in Saginaw Township.
To avoid paying off your Christmas debt for years to come, Porterfield said to look at the minimum payment and see if you can pay more.
However, in order to figure that out, you’ll need a budget.
“Whether it’s paper, electronic, we have a lot of clients that use Excel,” Porterfield said.
She said to be brutal about where you can cut, whether it’s your daily latte habit or your weekly take out bill.
Small sacrifices now can make sure your credit card debt is paid off sooner rather than later.
Watch the entire interview with GreenPath Counselor Midea Porterfield below: