According to a recent survey from CNN, more than 1 in 3 consumers said they spent more than they could afford on holiday expenses this past year. The average amount of debt taken on over the holidays? $1,249.
The survey found that most of that debt was put on high interest credit cards, with average interest rates for a third of those cards landing between 20% and 29%. For the first time ever 40% of holiday debt was put on the so-called “buy now, pay later” apps to spread payments out, which comes with its own concerns including late fees, deferred interest, and other penalties if you miss a payment.
If this sounds all too familiar and you’re experiencing the regret of some of those holiday expenses you put on a high interest credit card or buy now pay later app, we can help. So reach out today and we’ll get your financial ducks in a row.
