Financial experts offers tips for tackling holiday debt

Now that the wrapping paper has been torn off all those holiday gifts, many Bronx residents are facing the reality of post-holiday debt. For people who have made it their New Year's resolution to get

News 12 Staff

Jan 3, 2012, 4:23 AM

Updated 4,496 days ago

Share:

Financial experts offers tips for tackling holiday debt
Now that the wrapping paper has been torn off all those holiday gifts, many Bronx residents are facing the reality of post-holiday debt. For people who have made it their New Year's resolution to get back on track financially, credit counselors and financial advisors have lots of tips. First, they say, assess the damage from holiday spending by adding up credit card bills and balancing checkbooks. Next, implement a strategy to pay down that debt by trimming future expenses. Credit counselors say this can be done in small ways, such as dining out less or scrapping a gym membership and exercising outdoors instead. Even while working off this year's debt, it's important to plan ahead for the 2012 holiday season, experts say. They recommend establishing a holiday savings fund, similar to an emergency or vacation fund. There are also free, city-sponsored credit counseling centers around the borough for those who need help managing their debt or with financial planning.City's free financial centers


More from News 12
0:55
NYPD: Search for person in the water near Coney Island boardwalk unsuccessful

NYPD: Search for person in the water near Coney Island boardwalk unsuccessful

1:56
Temperatures to plummet overnight; winter-like chills expected Thursday morning

Temperatures to plummet overnight; winter-like chills expected Thursday morning

1:47
Libraries could see new changes following no reversal of $58.3 million budget cut

Libraries could see new changes following no reversal of $58.3 million budget cut

1:52
Hundreds don denim to stand in solidarity with sexual assault survivors

Hundreds don denim to stand in solidarity with sexual assault survivors

1:14
Police Athletic League hosts annual singing and dancing competition for kids

Police Athletic League hosts annual singing and dancing competition for kids

1:35
New Yankees murals at Bronx Terminal Market pays homage to Black baseball legends

New Yankees murals at Bronx Terminal Market pays homage to Black baseball legends

1:45
Dunkin' on Rockaway Parkway reopens following upgrades

Dunkin' on Rockaway Parkway reopens following upgrades

0:21
Express announces 2 Brooklyn stores to close after filing for bankruptcy

Express announces 2 Brooklyn stores to close after filing for bankruptcy

1:53
Shop Mother’s Day Gifts – Exclusive Offers Up to 75% OFF!

Shop Mother’s Day Gifts – Exclusive Offers Up to 75% OFF!

1:21
Fire officials: 5 families displaced by Bensonhurst fire, 7 firefighters injured

Fire officials: 5 families displaced by Bensonhurst fire, 7 firefighters injured

1:04
DOT adds $6 million to boost overnight and evening deliveries over peak hours

DOT adds $6 million to boost overnight and evening deliveries over peak hours

0:20
MTA service alerts system now includes bridges, tunnels

MTA service alerts system now includes bridges, tunnels

0:18
NYPD: 26-year-old fatally shot in the neck, torso in Crown Heights

NYPD: 26-year-old fatally shot in the neck, torso in Crown Heights

1:46
Traverse Green-Wood Cemetery in 'And Then, Now' performative walk experience

Traverse Green-Wood Cemetery in 'And Then, Now' performative walk experience

0:38
DA: Brooklyn man sentenced to life for deadly armed robbery, shooting in East Williamsburg

DA: Brooklyn man sentenced to life for deadly armed robbery, shooting in East Williamsburg

1:31
Protesters hold Seder sit-in at Grand Army Plaza

Protesters hold Seder sit-in at Grand Army Plaza

0:59
City now has power to padlock illegal cannabis stores

City now has power to padlock illegal cannabis stores

DA: 3 teens indicted for killing bystander, wounding 4 in subway shooting

DA: 3 teens indicted for killing bystander, wounding 4 in subway shooting

1:57
State taxi federation raises reward for information to help stop carjackings, robberies

State taxi federation raises reward for information to help stop carjackings, robberies

2:16
New bill would hold Brooklyn landlords accountable of unacceptable living conditions

New bill would hold Brooklyn landlords accountable of unacceptable living conditions