Holiday credit card bill looming for some

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The unwanted mail many of us get this time of year is the credit card bill.  We get a few tips on how to handle mounting debt.

While shoppers hunted for that perfect Christmas present, or that big deal on Boxing Day, many of them were using credit cards.

David Schurman of First Ontario Credit Union says on-line spending was up 15% over last year. And soon, people will be getting those credit card bills in the mail: “25% of people say they’re financing Xmas through credit card. Once they get their statements they figure out what they’ve spent. Certainly pay minimum payment, or else your credit rating will take a hit.”

But if you have multiple credit cards. It may be difficult to pay them off…especially if they have higher interest rates.

David says: “A great Idea is to get a consolidation loan, pay off the cards, one loan payment, and a whole lot less interest.”

We asked shoppers at Eastgate Square how they handled their holiday spending: “Know how much to work with, and don’t blow it.” “Saved up and budgeted what I was going to spend over Xmas.” “Credit isn’t a good thing in this day and age. So if you have the cash, it’s great if you can spend it.”

Another huge tip, and it sounds like a no brainer but lenders stress this point, if you do consolidate your credit card debts with a loan, don’t go out and run them up again, because then you’ll be even deeper in debt.