Get your finances back on track in 2024
- 34% of Americans went into debt this holiday season
- 65% of those who took on debt were not planning on it
- Nearly a quarter of holiday debtors may take more than five months to pay it off
- Don’t beat yourself up for overspending during the holidays
- Make a plan to pay off high-interest debt
- Consider transferring the balance to a card with 0% interest
- Rework your budget for the year ahead
- Set aside money for next year’s holiday spending
The holiday season is over, but the financial aftermath may still be haunting you. According to a survey, 34% of Americans went into debt this holiday season, with 65% of them not planning on it. If you find yourself in this situation, don’t beat yourself up. Overspending during the holidays is common and understandable. Instead, make a plan to pay off any high-interest debt you may have accrued. Consider transferring the balance to a card with 0% interest to buy yourself some time. Afterward, rework your budget for the year ahead and reflect on what drove you to overspend. Set aside money for next year’s holiday spending to avoid dipping into your savings. By following these steps, you can recover from your holiday-spending hangover and achieve financial freedom in 2024.
Public Companies: LendingTree (null), Wealthspire Advisors (null), The Motley Fool Ascent (null), Bankrate (null)
Private Companies:
Key People: Julie Penwell (Certified Financial Planner and Assistant Vice President at Wealthspire Advisors), Matt Schulz (Chief Credit Analyst at LendingTree), Charles Pastor (Certified Financial Planner based in Fort Collins, Colorado and contributing expert for The Motley Fool Ascent), Ted Rossman (Senior Industry Analyst at Bankrate)
Factuality Level: 7
Justification: The article provides tips from personal finance experts on how to get finances back on track after overspending during the holiday season. The information is generally accurate and objective, without any major misleading or sensationalized content. However, the article does contain some repetitive information and includes personal perspectives from the experts.
Noise Level: 3
Justification: The article provides practical tips for paying off holiday debt and reworking one’s budget for the new year. However, there is some filler content and repetition of information, such as the explanation of why people go into debt during the holidays. The article could have been more concise and focused on providing more in-depth analysis or evidence to support its claims.
Financial Relevance: Yes
Financial Markets Impacted: No
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the financial impact of holiday spending and provides tips for managing debt. It does not mention any extreme events or their impact.
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