Should you wait until after the holidays to tackle your debt? Experts decide
Waiting it out could also allow you to better "focus on your debts without distraction" in the new year, says Howard Dvorkin, chairman of Debt.com.
"It's hard to deal with debt during the holidays," Dvorkin says. "That's like saying you'll start your diet on Thanksgiving day. Most Americans deal with their weight and their debt in January. That's when they step on the scale and get their credit card statements. In both cases, they're horrified by how big the number is. That's when they get serious."
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13 Practical Strategies for Making Homeownership a Reality
“You shouldn’t buy a home until you pay off all, or at least most, of your credit cards. It simply makes no sense to search for the best mortgage rates of 6% to 9% when you’re paying 25% or more on your credit cards. Buying a home is expensive but so is maintaining one. If you can’t pay off those cards, then you can’t, say, fix a leaky sink without adding even more to your balances.”
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What Expert Recommends Buying on Black Friday Before Proposed Trump Tariffs
"I do not believe we will see any immediate changes in the pricing of goods. However, I do anticipate that prices for some imported products from the mentioned countries may rise to some extent after the inauguration," he said.
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Many shoppers are heading into Black Friday with holiday debt left over from last year
"Americans are feeling squeezed in the holiday season, and it's not just inflation," said Howard Dvorkin, chairman of Debt.com. Dvorkin said his company has surveyed consumers on debt in past years, and the share who plan to take on holiday debt "used to be under 50%."
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How to protect your wallet this holiday season
“Essentially, you’re buying stuff that you can’t afford,” said Howard Dvorkin, chairman of Debt.com. “The problem is if you default or don’t pay one of those months, all of a sudden … they’re charging you 30% or more interest on this, so that deal you thought was a great idea, it’s not such a great idea.”
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5 signs you need debt relief before the holidays, according to experts
"The best people suffer the worst holiday debt," says Howard Dvorkin, CPA and chairman of Debt.com. "They overspend not on themselves, but on others. When I [tell] them to stick to a holiday budget, they fear looking cheap to their friends and family." This well-intentioned generosity leads many to start the new year buried in credit card debt.
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