HOLIDAY DEBT
Here's another last minute caution about taking on too much debt this holiday season from kpvi, channel 6 in Pocatello, Idaho.
It's important to keep in mind how much new debt will cost in the long run and how long it will take to pay off.
Coming soon: Tips on how to work off that holiday debt and how to prepare in advance for next year!
The average credit card balance after the holiday season is $5,000 with a set interest rate of 15% and paying the minimum amount just doesn't cut it. If the card holder made $100 payments every month, it would take 12 years to pay it off with only $33 of each $100 payment going towards the principle. The rest goes towards interest rates.
NBC Newschannel 6 Where News Comes First
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