Why you shouldn't wait for 2025 to tackle your credit card debt

Waiting until January or later to deal with your credit card debt could be a major mistake. Here's why.

It can be tempting this time of year to simply swipe your credit card without a second thought. With holiday spending expected to rise this year, many Americans are planning on spending thousands of dollars in the final weeks of 2024. And many already have. But a delay in dealing with credit card debt is always a mistake, especially in today's unpredictable economic climate.

Your debt will compound in the interimFind a credit card debt calculator online and plug in your outstanding debt and your existing rate. Then extend it over a few months to determine how much it will compound by delaying action. That extra money will be paid to the lender with no material benefit to you, the user. And that calculation will be completed on the assumption that you don't add to your debt with gift-giving, food shopping and more during this holiday season.

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