Now that the flurry of the holidays is behind us, there is probably some holiday debris left behind. Spending on credit cards over the holiday season jumped 7% in November and was even higher in December. As a result, over 75% of Americans are now facing credit card debt that they plan to pay off in January – or later.
This is an excellent time to review your financial priorities – are you looking to pay down debt, plan for a big purchase, or get your retirement accounts fattened up? The newly-created Consumer Financial Protection Bureau has created a financial education website, MyMoney.gov, which has a collection of resources available to help you clean your financial house, such as budget worksheets, checklists, and calculators.