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Christmas shoppers feeling credit card woes

Christmas shoppers feeling credit card woes



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Marc Giauque, KSL Newsradio Now that all the presents under the Christmas trees are opened, you may be feeling some angst over your credit card balance. It's a pattern a lot of people seem to repeat.

Before the big day, you just had to have it right. Now your credit card balance is beyond your expectations.

Mike Petersen of the American Credit Foundation says it's a mistake that's too common. "Most people are running the same mistake every year, and in fact, are paying this year for two and three and four Christmases ago," he said.

Petersen says the solution is obvious: pay it off as soon as you can. On a thousand dollars, he says just paying the minimum balance will take you about 20 years.

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