The average American consumer will have spent more than $1,000 on gifts this season, according to the National Retail Federation. Credit card balances typically shoot up in December, soon to be followed by a noticeable tick-up in credit card delinquencies in January and February, as many Americans borrow
NEW YORK — The children are playing with their gifts, the new TV is up on the wall, and that puppy has a brand-new cashmere-lined bed, when another gift arrives in the mail. This one isn’t from Santa. It’s your statement from your friendly credit card company. They want to know how you’re gonna pay for all this.
The first thing you need to do is create a list of all credit cards you have, the balances on them, the interest rates and when each credit card payment is due. “Oftentimes paying off a few small balances reinforces your need to make sacrifices and puts a bit of wind in your sails,” he said.
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