The National Retail Federation forecasts holiday spending will see a 4.1 percent bump this year to a total of $586.1 billion. That’s an average of $749.51 per holiday shopper. So what happens in January when these statements go out to consumers? We refer to this as the post-holiday credit card hangover. That sick feeling you get when you get your January statement and realize just how much you spent.
As the article points out, these numbers are worrisome in light of an increase in delinquencies in the third quarter of 2012, which rose 0.75 percent. The article offers some concluding advice:
Should consumers find they have overspent and are unable to pay off their balance in full, transferring balances to a credit card with a zero-interest introductory period may be one strategy to minimize costs while paying off the debt. Here’s another strategy, go to Google and search for a debt settlement attorney in your area to discuss your options. A good debt settlement attorney will review your options and provide an honest opinion on your debts and how to best resolve them.
Kevin Fallon McCarthy
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