Texoma Community Credit Union advises Texomans on holiday debt consolidation

WICHITA FALLS, Texas (KAUZ) – With the aftermath of holiday shopping finally sinking in, Texoma Community Credit Union aims to guide Texoma families through debt with advice on topics like how to save in advance, choosing credit cards, and more.

After Christmas, many Texomans feel a dent in their pocketbooks from buying gifts, and are often in debt going into the new year.

Lauren McKechnie, Vice President of Marketing for the Texoma Community Credit Union (TCCU), said that the organization offers tools such as debt consolidation loans, as well as advice on saving in advance and being careful when looking at credit cards and “buy now, pay later” options.

“The holiday season is just so busy in terms of activities, and of course gifts and parties, and things like that. There are so many added expenses for families looking for things like, you know, celebration days at school. They have to have a certain outfit, or just unexpected expenses that you don’t normally have the rest of the year,” McKechnie said.

To help families set goals to pay debt on time, McKechnie advises individuals to check their interest rates and know their payments.

“A majority of Texomans would find themselves in one form of debt or another from time to time, whether it’s credit card debts, student loans, auto loan debt, or medical debt. There are so many opportunities out there to really look at your finances and see what interest rates you’re paying and where you can find and save some money on some lower rates,” McKechnie said.

According to a Consumer Affairs report, the average Texan carries debts of over $4,400. McKechnie advises those considering holiday loans to review their options carefully before making a decision.

“Our holiday loans are 8.9% so that’s going to be substantially lower than some of the credit cards you’ll see out there [that are] 20-25%. So really looking at what’s available to you would improve your financial situation,” McKechnie said.

She said that saving in advance during the holiday season is beneficial, as interest rates could worsen the debt crisis.

“The holidays are coming, and there’s always unforeseen expenses, but putting a little bit away at a time each month can really, you know, help you avoid a dangerous situation with debt you can’t repay. Saving in advance for this time of year, when you know it’s going to be expensive, is really the best thing to do. I understand that that’s not possible for everybody, but a little bit at a time makes a big difference in the end,.” McKechnie said.

To help with expenses, McKechnie advises Texomans to find other ways of shopping, such as thrifting, during the holiday season.