How to deal with post-holiday debt

Average person spends $650 on Christmas

Spreading Christmas cheer brings joy to a lot of people, but it isn’t always cheap.

The Consumer Credit Counseling Service of La Crosse says the average person spends about $650 on Christmas every year, which can take a big bite out of your bank account or rack up your credit card balance.

Program director Majel Hein says if you need help digging out of debt after the holidays, a new year is always a good time to make a plan to keep an eye on future spending and start a budget.

“What gets measured gets managed, and what gets managed gets improved, so if you find some extra money to put towards those credit card bills, that’s going to help you pay down the debt faster,” said Hein.

Credit experts also recommend taking a look at how much money you have to spend each month to determine how quickly you can pay down your credit card bills.