December 29, 2013

Five tips to help you rebound after Christmas Shopping!

More than 29.1 million (Credit Card Use During the Holidays 2013) consumers since 2009 used credit cards during the Christmas holidays.  Some of those consumers are still paying on balances accrued four years ago.


The sad truth is that consumers that make the minimum monthly payment on credit cards with an average balance of approximately $8K will take more than 25 years to pay the balances in full.  Below are some tips that could help you tackle the debt that will show up in the mail very soon.

1)  Own the fact that you shopped until you dropped using your credit card and make a decision to get rid of the balance owed.

2)  Payoff the credit card balance(s) now!  If that is not possible, pay at least $10.00 more above your minimum monthly payment to reduce the amount of interest paid.

3)  Make your payments on time.  Late payments could render late fees and rate hikes, monitor your statements for these possible changes.

4)  Get a plan in place now to eliminate the debt accrued.  Ask for help!  Talk to your local financial counselor at your church, community center, credit union or bank.

5)  After this debt is paid in full, open a Christmas savings account or consider tossing your  loose change in a jar at the end of each day and shop with cash at Christmas in 2014.

Some shoppers shared that they started in September and had zero stress while shopping this holiday season.  Some gave to those that had a dire need.  Others shared that they minimized their shopping list this year.  Please share your shopping strategies and experiences for 2013 by leaving a comment.

A special thanks to everyone that have supported my blog, by sharing it with a friend and those that left comments that enriched the lives of many.  May the Lord bless you in 2014 with a prosperous year of peace, joy, healthy relationships, businesses and health for you and your families.  I am expecting greater successes for all of you and for those who will be participating in conversations with us that affect our daily lives in 2014 and beyond.


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{Sincerely Chris}