Now, Time to Dig Out From 1997 Debt
Ahh, holiday memories.</br></br>Festive lights and tree trimmings. Hearty feasts. The spirit of giving. Shopping. Spending. Credit-card receipts. Mountains of debt.</br></br>As happens every year, seasonal cheer went out with a bang on New Year's Day as many consumers sobered up to the reality of having spent more than they had intended to during the holidays.</br></br>Indeed, overspending between Thanksgiving and New Year's has become so customary that even before the holidays, a Gallup Poll commissioned by Bank Rate Monitor newsletter, North Palm Beach, Fla., found consumers were expecting it would take five to six months to pay off their holiday credit-card bills.</br></br>Grousing by retailers about lackluster sales suggests that many shoppers did exercise at least some restraint. But digging out from under the holiday bills may still be more painful than many consumers might think because of changes in the credit-card business.