All that Holiday Spending Got Your Credit in a Bind? Here's an I - Quincy News, Weather, Sports, and Radio

All that Holiday Spending Got Your Credit in a Bind? Here's an Idea.


You're probably starting to get those credit card bills in the mail that have all your holiday shopping on them.

The National Retail Federation says the average person racked up at least $750 in holiday-related expenses last year.

Mark Schlipman, a wealth management expert in Quincy says the best way to pay off what you owe is something he calls "synergy," focusing all your attention on the credit card with the lowest balance first.

(See "Dealing with the post-holiday debt blues")

"Then there's that satisfaction of, 'Hey I got this one paid off,' Then move to the second one," said Schlipman. "Then you actually reward yourself by saying, 'Hey I got that one hundred percent paid off and now it's time to go on to the second one.'"

Schlipman adds that once you get those cards paid off, you should continue setting the same amount of money aside for Christmas this year so you don't find yourself in the same situation come next year.

Schlipman also says if you are one to cut up the credit card, that's fine. But he says don't cancel it. Sometimes that can hurt your credit more than it can help.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WGEM. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Kathy Woodworth at 217-228-6617. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at