Christmas Debt Burdens Consumers

The Christmas season left many consumers a little dazed and on average, about $1600 further into credit card debt. What's more, many consumers used more than one credit card, dividing purchases amongst two, three or four cards - leaving them without a clear idea of the amount of debt they incurred.

Getting out of that debt could now take them years, just for this Christmas's shopping alone.

The worst thing to do is to allow yourself to slip up on payments. Some credit card interest rates will go up with just one late payment, making your purchases that much more costly and lengthening the time it will take you to pay them off.

The best advice? Make tightening your belt your New Year's Resolution. Shave and slice the money to cover your credit card debts out of every other household budget category possible.

It may be time to look for a 0% balance transfer card, or consult debt consolidation services.

Now that the season is past, take time to examine your credit card statements, work out a plan to pay off the debt on each and stick to it. Meanwhile, don't use your credit cards to make up for money you just cut out of your budget, in fact, don't use them at all. It's time for a moratorium on spending until you are clear of debt.