Though the holiday season has come to an end, many Louisiana residents may still be feeling its repercussions. Some people may just now be starting back to work after a few weeks off and dread going in, and others may still be feeling the effects of holiday-related spending. Unfortunately, spending during the holidays can often leave individuals looking for debt relief.
It was recently reported that this past holiday season saw a significant increase in spending. Consumers spent money on gifts, travel expenses and other holiday-related costs, and holiday debt increased 8% in 2019. Additionally, consumers have accumulated $1,325 on average in holiday debt this past season. While that may not seem like a substantial amount to some, it could take years to pay off, especially for those only making minimum credit card payments.
In a recent survey, 15% of participants indicated that they would only be making the minimum credit card payments for their holiday debt. With significant interest rates, it could take parties over five years to pay off a balance of $1,325 while accumulating over $600 in interest. Of course, many Americans have far more credit card debt than that already, and additional holiday spending may have them struggling even more.
Money problems can affect anyone, and holiday spending can easily get individuals off track. If their debt becomes too much to handle, many Louisiana residents may be wondering what debt relief options could help them. Fortunately, they can discuss their specific concerns and details with experienced bankruptcy attorneys to find the best path for their circumstances.