Holiday Fun!

Holiday Recovery is at Hand!

So you had a great holiday but spent way too much and ate too much too? It’s not too late to get back in shape financially and physically!

Make a Budget First…

Without knowing the resources you will have to pay off your holiday expenses, you can’t create a realistic repayment plan. Write down the income you will have for the next 6 months. Now make a list of your recurring monthly expenses. Swear not to make any more discretionary purchases until your holiday debt is paid off! Use the remainder from your monthly payments to begin paying down your holiday expenses.

Pay off Credit Cards ASAP!

According to The Balance, the average credit card interest rate is now 21.25%! In February 2019, consumer credit increased at a seasonally adjusted annual rate of 3-1/4 percent. Revolving credit increased at an annual rate of 1/4 percent, while non-revolving credit increased at an annual rate of 4–1/2 percent.

This means people are borrowing more and paying more to borrow!

Credit Card Alert

Store credit cards have the highest average interest rates.

• The average APR on credit card purchases is 21.25%.
• Store credit cards have the highest average interest rate.
• Business credit cards have the lowest average interest rate.
• Cash-back credit cards have the lowest average interest rate among consumer cards.

Debt Repayment Blues

If you borrowed $1,000 to pay for a “happy” holiday, you may find yourself singing the blues when payment comes due. And, using the current credit card average interest rate of 21.25% and if you were able to repay $40 per month, it would take 76 months to pay-off the $1,621 you borrowed. Yes, incredibly you’re paying 62% more than you borrowed! Use this Debt Repayment Calculator to calculate your own repayment schedule.

Next Year…

Save NOW for Next Year!