Infographic: How To Destroy Holiday Credit Card Debt

Americans plan to spend more on gifts this Christmas than in any holiday season in the past five years, according to a CNBC All-America Economic Survey.  The average American plans to spend $765 this year, up 12 percent versus last year, and about 6.5 percent higher than the average across the survey’s nine-year history. Unfortunately, many of these purchases will be made on credit cards, resulting in an overhang of high interest debt.


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  • Meg Freidman

    I think it is about learning self control and knowing what you can afford and what you can’t. Learn to save up for items you want and pay for it with cash. Find ways to make extra cash vs using a credit cards.

    • Monty Campbell

      Hi Meg,
      Thanks for commenting. I agree, it’s about self control. As the say, self deception is the worst deception.

  • Ackman997

    Some good advice. Whatever method is used to pay off credit card debt you must stop using any and all cards until your goal is met. You can’t get out of CC debt while still using the same cards that caused the problem.

    • Monty Campbell

      Yes. Einstein said you cant solve a problem with the same thinking that led to the problem!

  • Charles

    Get a second job where you can pay off the credit card debt. No more cards.

    • Monty Campbell

      I agree Charles. Money running away from a person at 19-20% interest can bury someone quickly. It’s better to get a second job and pay off the credit card debt as soon as possible.

  • RP

    Good post. Another tip I’ve heard is to make two minimum payments each month. Card issuers typically charge interest on a daily basis, so the sooner you make a payment, the faster your average daily balance is reduced, which translates into fewer dollars in interest that you ultimately pay.

    • Monty Campbell

      Thanks for sharing RP!

  • Tim

    I really ike this no nonsense type of advice. Cutting up credit cards is a smart thing to do.

    • Monty Campbell

      Thanks Tim. I just tell it like it is.

  • Melanie H.

    Cool infographic and very timely with the typical holiday spending that occurs.

    • Monty Campbell

      Thanks Melanie. This is definitely the time of year that many get into trouble with credit cards.

  • C Ross

    This is a big issue. The excitement about the Christmas gifts lasts a just few days but credit card debt can last for years. Great post!

    • Monty Campbell

      Thanks C Ross. Well put, after the excitement of the purchase ends the hangover from credit card debt begins.