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Holiday debt: how to deal with credit card costs


POSTED: Monday, December 27, 2010 - 1:07pm

UPDATED: Monday, December 27, 2010 - 6:23pm

U.S.-- The good news: high holiday sales show people were not thinking about the word 'recession' when they looked for perfect gifts.  The bad news: millions of Americans are now paying for it.

Credit counselors say more people reached their credit card limits and turned to new credit cards during the holidays this year.  In fact, they say 13 million people are still dealing with the debt they racked up in last year's holiday season.

Patrice Dunagin with Texas Agrlife Extension Service gives a few suggestions for getting rid of holiday debt: Pay off the card with the lowest balance or the card with the highest interest rate first, pay more than the minimum payment on each card, or get a loan to pay off all of the credit cards. is a free online tool to help manage holiday debt and budget for next year.

U.S.-- The National Retail Federation predicts holiday sales to reach $451 billion this year in the U.S, showing consumers are not thinking of "recession."  However, credit counselors say that 13 million Americans are still dealing with the debt from last year's Christmas season.

Coming up tonight at five, KETK will talk with one expert who tells us how to climb out of this year's holiday debt and prevent debt from racking up next year. 

For a free tool to budget holiday money or get rid of any previous debt, go here:

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