Debt counselor: Use tax return to minimize credit card bills - KOTA Territory News

Debt counselor: Use tax return to minimize credit card bills


By Barrett Phillips

If you filed right away, you may already have your tax return. But most are still waiting for the refund check in the mail. 

How do you plan to use the money?
According to Terry Mills, Education and Community Outreach Manager for Consumer Credit Counseling Services of the Black Hills, the best use is paying down debt.
The average South Dakotan runs about $6,500 in credit card debt. The average tax refund is $3,000. Mills said making a hefty payment to your credit card company will go a long way toward paying off that debt.
"When you make the minimum payment on a credit card, you're not paying the principle down; you are paying just the interest. If you keep doing that every month, every month, every month, just paying the minimum payment, it could take you decades to pay that off and cost you tens of thousands of dollars," said Mills.

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