Get back on track: Holiday cheer turns costly as Americans rack up $1,500 debt each season

WASHINGTON (TNND) — For many Americans, the most wonderful time of the year usually ends up being the most expensive.

Get back on track: Holiday cheer turns costly as Americans rack up $1,500 debt each season (Video: The National News Desk)

Al Lord, who is the CEO of Lexerd Capital Management, said the National Retail Federation estimates that each household takes on more than $1,500 in debt during the holidays.

“The first thing to be aware of is how much you’re spending,” he said during an interview with The National News Desk Taylor Murray on Friday. “Most households overspend by 20-30% of their budget during the season, so you certainly have to take into account what you’re spending.”

Lord advised to watch what you’re credit card balances are, as well as keep track of other expenses.

“Make sure you have enough for January payments,” he said.

He also suggested paying off the highest debt first, as well as establish a post-holiday recovery plan.

“The best way is to tackle it right away,” he said.

For more, watch the video player above or visit The National News Desk’s YouTube channel for Murray’s full interview with Lord.