Consumer Alert: Credit card debt

MILLIONS OF AMERICANS DUG THEMSELVES DEEPER INTO CREDIT CARD DEBT OVER THE HOLIDAY SEASON KRISTY TAMASHIRO SPOKE WITH AN EXPERT ON HOW TO PAY OFF THAT BIG BILL FASTER IN TONIGHT'S ACTION LINE CONSUMER ALERT

37-PERCENT OF PEOPLE TOLD FINANCE WEBSITE "WALLET HUB" THEY OVERSPENT DURING THE HOLIDAYS 55-PERCENT PLAN TO PAY OFF THAT DEBT BY THE END OF THE MONTH BUT IF YOU HAVE YOUR HANDS FULL WITH MULTIPLE CREDIT CARD PAYMENTSEXPERTS SUGGEST TRYING A CONSOLIDATION LOAN SAIKI SAYS: "THE BENEFITS OF THE CONSOLIDATION LOAN IS THAT YOU CAN GET A LOWER MONTHLY PAYMENT, YOU HAVE A LOWER INTEREST RATE THAN WHAT THE CREDIT CARDS ARE OFFERING AND YOU HAVE AN EXACT TIME FRAME OF EXACTLY WHEN THE LOAN WILL BE PAID OFF" BESIDES A CONSOLIDATION LOANHE SUGGESTS MAINTAINING YOUR MONTHLY BUDGET AFTER YOU'VE PAID OFF YOUR AND CAR PAYMENTS YOUR LEFTOVER BALANCE IS YOUR DISPOSABLE INCOME

SAIKI SAYS: "WE SUGGEST YOU PAY MORE TOWARDS YOUR HIGHER CREDIT CARD INTEREST RATE CARDS THAN YOUR LOWER INTEREST RATE CREDIT CARDS, PRETTY MUCH SAVE YOU ON YOUR MONTHLY PAYMENT AND SAVE YOU MONEY IN THE LONG RUN" WHEN IT COMES TO INTEREST RATESIT'S ALWAYS A GOOD IDEA TO SHOP AROUND THERE ARE PROMOTIONS OUT THERE TRYING TO ATTRACT CUSTOMERS

SO KEEP YOUR EYE OUT FOR THE BEST POSSIBLE RATE SAIKI SAYS: A GOOD INTEREST RATE IS PROBABLY UNDER 10 PERCENT, THERE'S A LOT OF COMPANIES THAT ARE IN THE TEENS OR HIGHER AND WE GOT TO WATCH OUT FOR THOSE TEASER PROMOTIONS WHERE IF YOU DEFAULT ON THE PAYMENT, YOUR INTEREST RATE SPIKES UP REALLY HIGH" IF YOU HAVE A CONCERN OR ARE INTERESTED IN BECOMING AN ACTION LINE VOLUNTEER, GIVE US A CALL MONDAY THROUGH FRIDAY AT 591-0222 YOU CAN ALSO SEND AN EMAIL TO ACTIONLINE@KHON2

COM KRISTY TAMASHIRO, KHON2 NEWS MARISA: