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More than one-third (36%) of Americans took on debt during the holiday season, according to LendingTree. Wells Fargo's head of advice, Emily Irwin, joins Brad Smith on Wealth to discuss managing holiday debt.
Irwin outlines three steps for tackling holiday spending debt, explaining that the first step is to "not to get overwhelmed by the fact that you have debt."
Secondly, she adds, "What I encourage people to do is really lean into it, lean into your finances, and try to deeply understand, 'Where am I starting from?' to set tangible goals for your short-term debt, your long-term debt, and other recurring payments that you might have."
The third step, Irwin says, is to "make a commitment to yourself to have a strong balance sheet and either maintain or continue to build a strong credit score throughout the year."
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
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2025/01/12
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