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As some may find it hard to pay off holiday debt, they want to consider debt consolidation
01/28/2010
Credit card debt associated with holiday shopping may have caused some to pull back on using them to make holiday purchases.
However, a recent poll from Consumer Reports notes that many consumers who used credit cards said they are making strides in trying to pay off the debt they accumulated. According to the survey, 26 percent of respondents said they managed to pay off credit card debt from the holidays by the end of December. Another 40 percent said they will pay off their debts by the end of January.
Not every consumers polled is as lucky when it comes to their holiday credit card debt. Of those surveyed, about 20 percent said they wouldn't be able to pay off their credit card debt until March or later. Furthermore, 9 percent said they would not be able to pay off debt until Jun, or perhaps even later.
The survey also showed that consumers who used a credit card tended to spend more than the average reported. Overall, consumers spent $811 on holiday gifts, whereas those who used credit cards spent $896.
Given the fact that some consumers may find it difficult to pay off their holiday debt, some may consider debt consolidation as a way to get out of a hole. Debt consolidation may help consumers get out of debt faster and at a lower interest rate.
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