Money Watch Q & A: Holiday Spending Recovery - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Money Watch Q & A: Holiday Spending Recovery

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The American Research Group reports Americans anticipated spending an average of $800 during the holiday season. For a lot of people, that meant maxing out the credit cards. Now that the new year is here, families are looking for strategies to pay down their debt.

According to Liz Estes with Consumer Credit Counseling Service of Northern Nevada, the first thing you have to do is stop using your credit cards! Some people go so far as to freeze their cards, so they have to seriously think about a potential purchase while the card thaws. Estes says it is important to cut spending any and every way you can and use that money to pay down your debt. If you have multiple credit cards, her team advises that you pay down the card with the smallest balance first, while making the minimum payments on all the others. Once you pay off the smallest balance, she says put the money you would have paid on that card towards the next lowest balance. Estes says she is also a proponent of balance transfers because if often gives you more time with 0% interest to pay down your debt.

For more help paying down your debt and improving your credit, contact the team at CCCS.

Consumer Credit Counseling Service of Northern Nevada
575 E. Plumb Lane
Reno, NV 89502
Toll free: 800-275-0137
FCS: 775-329-0623
CCCS: 775-322-6557
Fax: 775-322-2059
 
Written by Kristen Remington
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