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Published on Jan 5, 2012
Many Americans have made it their New Year's resolution to become financially fit in 2012, and they will need to follow through in order to pay down increasing debt. Consumer debt rose 154% in the third quarter of 2011 when compared to 2010, and record-breaking days over the holiday spending can be attributed to an increase in credit card usage. Credit card transactions on Black Friday were up 7.4% from the previous year, and Americans spent a $1 billion dollars plus in online shopping on six days between Cyber Monday and the following two weeks. These numbers are expected to result in rising credit card debt in 2012, making the financial resolution of becoming financially fit even tougher.
The good news is that Americans typically use the first three months of the New Year to pay down their credit card debt. Consumers paid off approximately $32 billion dollars in the first quarter of 2011 and $44 billion dollars in the first quarter of 2010, according to credit card research company Card Hub. For those who have made it their New Year's resolution to pay off debt and save more money, the most important thing to do is focus on creating a structured financial plan and stick to it.
The best way to tackle post-holiday credit card debt is to pay it off as soon as possible. Tune in to this week's CBTV show to learn valuable tips on how you can become financially fit in the New Year, starting by paying down credit card debt as soon as possible!