Buyer's Remorse: Dealing With Holiday Debt

Now that the holiday gifts are opened some shoppers have been hit with an unsettling credit card reality.? But don?t worry.? Area credit experts say there is help.

Consumer Credit Counseling Service of Alaska Chief Executive Office Larry Snider said this happens when we lose control with our cards and do not remember how much we have purchased.

?There are many other related expenses that are associated with the holidays,? Snider said.? ?Festivities. Family gatherings.? Extra costs for those things that are beyond the basic living expenses.? Those are the areas that can become a surprise.?

After all that spending, if you do not have enough in your account, Snider said now is the time to make a plan.

For a reality check:

• First put your monthly budget on paper starting with your take home pay.?
• Subtract all living expenses from it, like a mortgage, rent and groceries.?
• If the leftover total does not cover all your debt, and adding a part time job is not an option either, it might be time to consider a debt management plan.

?The consumer would pay a fixed amount to the agency,? Snider said. ??Then the agency disperses monthly amounts to the creditors. And most creditors at that point will reduce interest.? And they will accept a lower payment to receive the balance in full over a period of time.?

The other big concern with holiday spending is fraud.?

If you receive a call from your bank or credit card company Snider said first file a police report, then call the Federal Trade Commission.? It also can't hurt to also call all three credit reporting agencies.?

For links to that information, click here.?

Source: http://www.msnbc.msn.com/id/45830333/ns/local_news-anchorage_ak/

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