Don't wait to pay off your holiday debt!
A new survey out today suggested that consumers borrowed very little to make their holiday shopping purchases this season, and what they did spend they plan on paying back very quickly in 2013.
Our friends at CreditDonkey released their findings today, which said that of those polled, 85.3% of respondents said they would not need to use a credit card for holiday shopping this year. And of those that said they would use a credit card to pay off holiday purchases, over half (52%) said they would have those purchases paid off by January, 2013.
That's a good job by you, America!
OK, so while most of you understand that you should really make paying off your holiday purchases a priority in the new year - here's a quick refresher on why you don't want to wait to pay back your holiday debt...
- Interest Fees
The number one reason to pay off your holiday debt quickly is interest. Interest fees can snowball in a hurry if you don't plan on paying back your holiday debt in full. And what's the point of getting a great deal in November when you're paying 20% interest or more in January? Frankly, there isn't one! Avoid interest and pay back your credit debt quickly in the new year.
- New year, new attitude
Nobody wants to start the new year in red ink; don't let the holiday hangover trickle into the new year because you got overzealous on Black Friday. Rid yourself of holiday debt as quickly as you can and move on. You'll feel better starting afresh in the new year. Set the tone for a savvy year as a consumer by paying off that debt immediately.
- Valentine's Day is right around the corner
And you think we're joking...