Be sure to watch the full episode located below the show notes.
Francis Collins, SVP, Credit, Teachers Federal Credit Union, stopped by the show to discuss a very timely topic that occurs about this time every year and that is dealing with holiday spending debt. Francis joined to provide some tips for paying down holiday debt and how to prepare for a financially sound year ahead.
According to CNBC, 36% of consumers went into debt over the holidays owing an average of $1,249. Adding fuel to the fire, nearly 40% Americans used the trendy "buy now pay later" (BNPL) option for the first time this past holiday season. This option has doesn't help debt issues, allowing more people to over extend their spending habits -- especially during the holidays.
Francis addressed BNPL in the first part of our discussion and then he listed some tips to help folks pay down their holiday debt as quick as possible.
Lastly, he talked about establishing good spending/budgeting habits to keep consumers on the good side of the ledger in 2022 — which may help them during the 2022 holiday shopping season.
Check it out and let us know your thoughts. And be sure to watch the entire interview below for all the details.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.