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Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

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Transportation Secretary Pete Buttigieg says rebuilding Baltimore's Key Bridge will be challenging and expensive. An Alabama Democrat flips a state legislature seat and former Connecticut senator Joe Lieberman dies at 82.

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Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Expert: Plan Now to Avoid a Holiday Debt Hangover

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Tuesday, December 13, 2016   

ANN ARBOR, Mich. – While red is one of the colors of the holiday season, it's not a good look for a bank account, and experts say racking up holiday debt can lead to a cycle that's hard to break. The average American will spend $936 on holiday gifts this year, the second highest amount on record, according to the National Retail Federation.

Kathryn Greiner, a financial literacy specialist with University of Michigan Credit Union, said the pressure to provide this time of year can lead people to take extreme measures, including turning to payday lenders.

"About 75 percent of all payday loans are payoffs for old payday loans," she said. "And a lot of folks who use these end up taking not just weeks but years to pay them off."

Greiner said using cash instead of credit cards to pay for holiday purchases can help curb the tendency to overspend. She also recommends developing a written budget for next year's holidays as soon as these are over. Many credit unions offer free financial counseling to help their members stick to their financial goals.

The urge to "keep up with the Joneses" can be particularly hard to avoid this time of year, but Greiner said spending beyond one's means only serves to suck the joy right out of the season.

"I see a lot of people who are kind of miserable over the holidays or dread them because they can't keep up," she added. "It's a pressure that they can't even face and it's hard to articulate."

She also added that it's particularly important for spouses and partners to have an open, honest talk about what they can and can't afford. According to a recent survey, more than one in four Americans said they plan to rack up debt this holiday season that will linger more than a month, with two-thirds of those expecting they will need three or more months to pay it off.


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