WTNH News Channel 8 / News / 1999

	Dealing with Holiday Debt (WTNH) _ It's that time of year again. The bills for all your holiday purchases are rolling in. Are you worried about how you'll pay them off? News Channel 8's Diane Smith has some tips on how to deal with your holiday debt. The gifts were opened over a month ago. But most consumers just started receiving bills for holiday presents. And many are feeling overwhelmed. Jack Girgenti, Consumer Credit Counseling Service: "Generally, the holidays are the straw that breaks the camel's back." The peak holiday spending period runs from the day after Thanksgiving until the day before Christmas. Last year, Americans spent $97 Billion during that time. Many consumers will pay off those bills immediately. But, most can only afford minimum payments. Girgenti: "If your unsecured debt -- and I say unsecured, but it actually includes your car loans which are secured -- exceeds or is approaching 20% of your take home, it's too much." The Consumer Credit Counseling Service of Connecticut helps thousands of people every year. Many sessions are done over the phone. Counselors often start with a client's daily spending. Girgenti: "A lot of people say well, I buy the paper every morning, a cup of coffee, two bagels, whatever it happens to be. You stop to look at that kind of spending, it adds up to a tremendous amount of money. Sometimes those are the places on your own where you can find some additional money." Girgenti suggests taking that money and putting it toward your bills. Now is also a good time to put together a budget. but, don't be too strict or you won't stick to it. Lastly, you should start saving for surprise expenses. And it's never too late to start thinking about Christmas, 1999. Girgenti: "If you look for the right gift all year round, first of all you're probably gonna get a deal on it. And secondly, you're going to find the right thing without rushing around." If you'd like help managing your holiday debt, contact the Consumer Credit Counseling Service of Connecticut. The number is 1.800.450.2808, or pull up their web page at www.cccsct.org. Today's News Page. WTNH Home Page. ©1999 WTNH/WTNH-DT A LIN station.

Dealing with Holiday Debt
(WTNH) _ It's that time of year again. The bills for all your holiday purchases are rolling in. Are you worried about how you'll pay them off?
News Channel 8's Diane Smith has some tips on how to deal with your holiday debt.

The gifts were opened over a month ago. But most consumers just started receiving bills for holiday presents. And many are feeling overwhelmed.

Jack Girgenti, Consumer Credit Counseling Service: "Generally, the holidays are the straw that breaks the camel's back."

The peak holiday spending period runs from the day after Thanksgiving until the day before Christmas. Last year, Americans spent $97 Billion during that time. Many consumers will pay off those bills immediately. But, most can only afford minimum payments.

Girgenti: "If your unsecured debt -- and I say unsecured, but it actually includes your car loans which are secured -- exceeds or is approaching 20% of your take home, it's too much."

The Consumer Credit Counseling Service of Connecticut helps thousands of people every year. Many sessions are done over the phone. Counselors often start with a client's daily spending.

Girgenti: "A lot of people say well, I buy the paper every morning, a cup of coffee, two bagels, whatever it happens to be. You stop to look at that kind of spending, it adds up to a tremendous amount of money. Sometimes those are the places on your own where you can find some additional money."

Girgenti suggests taking that money and putting it toward your bills. Now is also a good time to put together a budget. but, don't be too strict or you won't stick to it. Lastly, you should start saving for surprise expenses. And it's never too late to start thinking about Christmas, 1999.

Girgenti: "If you look for the right gift all year round, first of all you're probably gonna get a deal on it. And secondly, you're going to find the right thing without rushing around."

If you'd like help managing your holiday debt, contact the Consumer Credit Counseling Service of Connecticut. The number is 1.800.450.2808, or pull up their web page at www.cccsct.org.

Today's News Page.

WTNH Home Page.