Dollars and cents of holiday debt

U.S. & World

(NBC) – It’s become as traditional as the Christmas tree, overspending on gifts and running up debt few of us can afford.

Lynnette Khalfani-Cox, the self-proclaimed “Money Coach” puts numbers to the problem, “This year, 66 million Americans, again 25% or so are, in fact, going to go into debt during the holiday shopping season.”

This just as a new Nerdwallet survey finds one in four of us is still paying off the debt from last Christmas.

Says Khalfani-Cox, “There’s a tendency to get caught up in the holiday shopping spirit. The music, the festivities, the smells are encouraging you to spend and retailers are pretty savvy about getting you to buy more.”

So, self-proclaimed “Money Coach” Lynnette Khalfani-Cox says, to avoid debt, avoid store shopping and avoid paying with a credit card.

Khalfani-Cox says, “My number one tip for avoiding debt is to pay with cash and to use online shopping as ways to help you avoid the temptation to overspend.”

She also recommends a new resolution for the new year, start saving for next year.

Khalfani-Cox crunches some basic number saying, “Just $50 a month. In twelve months that’ll give you $600 and that’ll be your holiday spending money for the December 2019 season.”

Which could make it a debt-free holiday.
 

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