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DEALING WITH THE GHOSTS OF HOLIDAY OVERSPENDING
Jan 28, 2025
Millions of us spent more than we should this past holiday season, and now we are being haunted by the ghosts of that overspending. What's the best way to get out from under the holiday credit card debt and regain some fiscal fitness? An expert gives us some good advice.
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are you being AED by the ghosts of your
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holiday
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spending millions of us are the average
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American spent over
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$1,700 this holiday season according to
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the consulting firm deoe which tracks
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those kind of Trends and that kind of
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spending hangover is scary to those who
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are helping consumers in a financial
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quantry if you've already made the
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mistake
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and you've overspent now you have to
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figure out how you're going to get out
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of debt collectively Americans now owe a
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record
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17.9 trillion to creditors with almost 2
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trillion of that the result of credit
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card debt credit card debt is just you
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know a complete waste of money so focus
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on on paying down the debt so how do you
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do that without putting yourself an even
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more financial Peril Begin by looking at
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exactly what you are spending at the end
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of the month we say where is all the
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money you know all of the money is gone
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so people really have to look at putting
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a household budget together there are
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all sorts of free softwares and apps
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that are out there you can do an old
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school pen and paper uh budget worksheet
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it all comes out the same you can also
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transfer your credit card debt to cards
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which charge zero interest for a year or
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so then with the money you save on that
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no interest you'll be able to have a way
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to pay more than the minimum let's say
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the minimum is 50 bucks you put in 60
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instead does that help at all oh
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absolutely some of those cards that are
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out there 29% the minimum payments are
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are down around 2% that could take you
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30 years to pay off
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$6,000 so any money that you can pay
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above those minimum payments it's worth
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every penny speaking of pennies you may
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want to keep better track of seemingly
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insignificant expenses it's amazing how
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much money we Fritter away and don't
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realize it the $6 cup of coffee the
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snacks at lunchtime instead of taking
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your meal from home and so forth all
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that adds up doesn't it it sure does
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people say I can afford this cup of
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coffee maybe you can't because when you
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add it all up it's hundreds of dollars
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uh at the end of the month using some
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type of household budgeting tool will
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show you you're spending you know $100 a
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month at the convenience store remember
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debt repayment is not a Sprint it is a
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Marathon so when you set up your debt
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repayment goals make them realistic and
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easily obtainable that way you'll stay
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on track working for you I'm the
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consumer guy Steve sprayer
#Debt Management
#Financial Planning & Management