Waiting to pay off your holiday debt only causes more issues

Financial experts say putting money into savings while paying off debt is important
Published: Jan. 4, 2023 at 8:12 PM CST
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WAUSAU, Wis. (WSAW) - One-third of Americans took on an average of over $1,500 in holiday debt. Which is a 24% increase over last year.

Financial experts at Park City Credit Union in Merrill said the first step is to start saving. Even a small amount, like $25 or $50 dollars a month will help. Looking into getting intro balance transfer rates can also help you deal with holiday debt. Many offer 0% for specific time frames. That helps you get away from credit cards with high rates.

What experts say not to do though is wait. “Procrastination is the biggest thing that we see obviously the economy, the world, and the stock market is crazy right now. Putting your head in the sand and not doing a plan or not trying to start and do something is the worst thing that you can do,” said Kurt Powers, manager of investment, Park City Credit Union, Merrill.

Other experts see the same trends from those with debt. “The biggest mistake is just doing nothing and sitting there and just panicking about it,” said Danielle Wilcenski, Branch Manager, Park City Credit Union, Merrill.

Both experts said if you feel overwhelmed by your debt, the best thing to do is speak with a financial advisor about your options.

Learn about Park City Credit Union’s financial wellness information here.