Staying out of debt for the new year - KOTA Territory News

Staying out of debt for the new year


No more Christmas cards in the mail. Now it's the bills for all the shopping over the holiday season.

The first couple months of a new year can be tough - financially. The credit card bills for all the Christmas shopping are beginning to arrive, tax season is on the way, and high heating bills that started in October continue to take a bite. So, what's the game plan?

Terry Mills, Outreach Manager at Consumer Credit Counseling of the Black Hills offers some tips: to begin, he says make a list of all holiday related expenses. Then, prioritize your bills.

He says its important to pay each bill on time every month, but put extra effort toward paying off the biggest bills first. And always try to pay more than the minimum balance. If you're having trouble making your payments, Mills says take action. Call your creditors to work out a payment plan.

Surprisingly, credit card debt is not the number one financial burden on Americans, college dept is number one. Mills says, "It's about 1.2 trillion total for all of the United States, which is the number one debt. It crossed credit card debt a couple of years ago." 

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