Holiday debt: how to deal with credit card costs

Tuesday, December 28, 2010 - 1:54pm

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.



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