SEVERE WX : Wind Chill Advisory - Winter Storm Warning - Blizzard Warning View Alerts
CLOSINGS: View Closings

My Money Monday, Jan. 22 - Paying off holiday debt

Paying off debt after holiday spending

Posted: Jan 22, 2018 8:34 AM
Updated: Jun 20, 2018 2:03 PM

Topic: Paying Off Debt After Holiday Spending


Q: Now that the holidays are over, what are some tips to payoff holiday credit card debt?

A: The first step is to assess your total financial situation, including your monthly budget and your short and long term financial goals. List out all of your debts, their due dates, payment amounts, interest rates and how soon you want to pay those debts off in.

Q: Which debts are best to focus on first?

A: Consider paying down the cards with the highest interest rates first. If that seems too difficult, try paying down your smallest balance first so you can see your progress right away. Also, anytime you can pay more than the minimum payment you should do so.

Q: What if you spent a little too much last year and can’t afford to pay everything back?

A: Well, you can always use your tax return, if you receive one, to pay off or pay down your debts. You may want to also consider a debt consolidation loan.

Q: What’s a debt consolidation loan?

A: A consolidation loan is when you combine all of your debt into one loan, which allows you to make one monthly payment instead of many. Also, these types of loans have terms, so you will know when the debt will be paid off vs a credit card which can keep changing based on your usage.

Article Comments

Mason City
-3° wxIcon
Hi: 6° Lo: -4°
Feels Like: -28°
Albert Lea
-4° wxIcon
Hi: 3° Lo: -5°
Feels Like: -22°
Hi: 7° Lo: -3°
Feels Like: -23°
Charles City
-4° wxIcon
Hi: 6° Lo: -5°
Feels Like: °
-4° wxIcon
Hi: 7° Lo: -6°
Feels Like: -30°
Blizzard Warning
KIMT Radar
KIMT Eye in the sky

Latest Video


Sean Weather 1/18 2


Sean Weather 1/18


Rochester Fire captains promoted


Tracking Saturday's blizzard


Chris and George at the top of the 10


Snow plow drivers prep for snow


Navigating Mayo Clinic Ambulances in the snow


Snow and 18 Wheelers


When to call 911


Chris' PM Weather Forecast 1/17

Community Events