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Where EAST meets the Northwest

By Su Moran
Wells Fargo

From The Asian Reporter, V18, #3 (January 15, 2008), page 7.

Six tips to avoid holiday debt hangovers

By Su Moran
Wells Fargo

Now that the season to be jolly is over and the New Year has been welcomed, the time has come to pay those holiday shopping bills.

According to a Gallup Poll conducted last November, Americans predicted they would spend an average of $866 on Christmas gifts in 2007. If you went overboard and spent more than you had saved, Wells Fargo offers six tips to help avoid that dreaded holiday "debt hangover":

  • Pay at least the minimum amount due on credit card bills — and the full amount if possible — upon receipt of statements. Making the highest payment possible will reduce the balance and additional interest.
  • Pay credit card bills by the due date to avoid late fees.
  • Pay off credit cards with the highest interest rates first. Those with multiple cards with different balances should talk to their primary bank about consolidating the debt to get one interest rate. Taking out a home equity or personal loan might be one way to reduce the interest rate on the debt.
  • Create a "Box of Returns." Whether they are unnecessary gifts or impulse purchases, gather unwanted items and return them in one day. Doing this will either get cash back or a store credit for future use.
  • To track bills and credit card invoices, ask the bank if it provides free financial management tools. Online programs such as Wells Fargo’s My Spending Report, <www.wellsfargo.com/jump/msr/myspendingreport>, help keep finances organized and under control throughout the year.
  • Start saving money now on a regular basis throughout the coming months for the next holiday shopping season.

A little discipline and planning will help keep a festive mood well after the holidays, and lead to a strong financial start to celebrate a wonderful New Year.

Su Moran is a private banker with Wells Fargo’s Wealth Management Group in the Portland-Vancouver area.