Hangover
Holiday Debt
January tends to be a month of regret — or at least a month of added stress. For many people, dealing with the credit card bills that come after buying expensive gifts in December is more than a little stressful. This year, these bills will be even higher thanks to a new hike in interest rates. FEDERAL RESERVE INTEREST RATE HIKES You might have heard the Federal Reserve has decided to boost interest rates by one-quarter of a percentage point. What does that mean? In a nutshell, it means you will be paying higher interest rates on your credit cards over the next few billing cycles — and don’t trust your credit providers to let you know about this news. Credit card companies do not have to warn or tell you about the new interest rate hike. They assume you already know, and that means you are responsible for paying the amount due whether or not you actually knew. So, the gift you purchased in December will cost you a lot more if you don’t pay off those credit cards now.
HOW TO START PAYING
It’s almost never a good idea to purchase items on credit. If you have done so this past holiday season, make sure you don’t end up paying double or triple the original price and pay back your credit cards as soon as possible. While a higher interest rate might seem like no big deal right now, it will end up costing you a lot more money soon.
The best way to pay back debt is to put aside the money you didn’t spend. For example, if you bought a few things on credit to earn points or to hedge until you got paid, take the cash now and put it aside to pay off your credit cards. Do this before that interest starts to rack up. The faster you pay back your purchases, the more money you will save, especially now that interest rates are higher.
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