|29.8% of Iowans Have no Plan to Pay Off Holiday Debt|
|News Releases - Business, Economy & Finance|
|Written by Olivia Maiers|
|Monday, 07 January 2013 12:30|
Five tips on paying down credit card debt acquired during the holidays
Des Moines, Iowa – In the current economic climate, it’s more important than ever to plan and adhere to a budget, spend responsibly and to set aside savings for unplanned expenses. The key to spending responsibly during the holidays is to not spend more than what you have earned or saved. In the coming weeks, consumers will be faced with paying off their credit card bills, and Iowa credit unions have suggestions to help them tackle their debt.
In a survey of 930 Iowa consumers conducted by the Iowa Credit Union League (ICUL), 36.2% of respondents said they saved throughout the year to pay off holiday debt, and 29.8% said they have no firm plan in place to pay off newly-acquired debt.
“It is not uncommon to spend more than you planned during the holidays, and much of what you spend ends up on your credit card,” said Emily Caropreso, Director of Communications & Marketing. “If you don’t have a plan to pay off your balance, now is the time to create one. Doing so will save you money along the way.”
ICUL suggests the following to pay off holiday credit card debt:
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their nearly one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL and Iowa credit unions, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/
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