UNT professor gives advice for holiday overspending recovery

The best way to recover from holiday debt is never to touch a credit card again, says Randy Guttery, professor of finance.

"Put every card used over the holidays into a safe deposit box, or even better find a good pair of scissors and shred them," he says. "Just don't touch them anymore."

Once those pesky cards are out of the way, the goal is to pay more than the minimum balance each month. Guttery says it's more than possible to carry current debt through the year into the next holiday season, never recovering financially.

It's also wise to take on the mantra that if you can't buy it in cash up front, you don't need it, Guttery says.

"So often we get into debt over things we want, not things we need," he adds. "If you can't buy that ‘want' without a credit card, more than likely it's time to practice discipline and walk away."

The overall goal is to first get out of debt and then move to a place of never accumulating the debt again by starting early to save for the 2005 holiday season, Guttery says.

BY RUFUS COLEMAN rcoleman@unt.edu

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