Shoppers Promised, But Couldn't Keep Away from Plastic
NEW YORK (TheStreet) -- With the best of intentions, consumers promised they would cut back on their reliance on credit cards to get through the holidays.
But those good intentions went awry, and higher credit card use in the last six weeks of 2013 have some consumers buried in debt.
This isn't exactly a new problem. Transunion was already reporting last month that Americans tend to have 40% more on their credit card bill from December than in the average month, and 20% have December credit card bills that are twice the normal amount they see the rest of the year.
That trend has continued into this year.Saveup.com, a San Francisco online financial rewards service, says in its January U.S. Consumer Savings and Debt Report that almost 70% of Americans promised themselves they would use cash for their holiday spending. show that creditors love consumers who pay the full amount on your credit card. Plus, by paying more than the minimum allowed, you'll make the debt disappear more quickly. at around 15%, you're saving $15 on every $100 owed on your credit card bill by paying it off entirely. Maybe U.S. credit card consumers will do a better job on their spending next holiday season. To make sure, make a copy of your January credit card bill, and keep it in a handy, but safe place until next November. Then take a good long look at it before you decide to finance your holiday spending using plastic.
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